April 24, 2023
The Honorable Phil Mendelson, Chairman
Council of the District of Columbia
1350 Pennsylvania Avenue, N.W., Suite 402
Washington, DC 20004
Dear Chairman Mendelson:
Pursuant to D.C. Official Code § 42-2702.07, and on behalf of the Board of Directors (the
“Board”) of the District of Columbia Housing Finance Agency (the “Agency”), you are hereby
notified that on April 11, 2023 the Board enacted an Eligibility Resolution for tax-exempt and/or
taxable multifamily housing mortgage revenue bond financing in an amount not to exceed
$67,330,000 for the new construction and equipping of Edgewood V (the “Development”). The
Development is located at 435 Edgewood Street NE, Washington, DC 20017, in Ward 5. After
completion, the Development is expected to consist of one building, containing a total of
approximately one hundred fifty-one (151) residential rental units.
A copy of the Eligibility Resolution for the DC Council’s review is enclosed as Exhibit A. A
detailed description of the Development and its intended benefits are provided in the
development financing memorandum enclosed as Exhibit B. If you have any questions, please
contact me at (202) 777-1600.
Sincerely,
Michael L. Hentrel
General Counsel
Enclosures
EXHIBIT A
 DCHFA Resolution No. 2023-08
Edgewood V
Eligibility Resolution
DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY
RESOLUTION AS TO THE ELIGIBILITY OF EDGEWOOD V FOR TAX-
EXEMPT AND/OR TAXABLE MULTIFAMILY HOUSING MORTGAGE
REVENUE BOND FINANCING
WHEREAS, the District of Columbia Housing Finance Agency (the
“Agency") received a request from Enterprise Community Development (the
“Applicant’) that the Agency provide acquisition, construction and equipping
financing for Edgewood V, which upon completion, is expected to consist of one
(1) building containing approximately one hundred fifty-one (151) residential units
financed with multifamily housing mortgage revenue bonds and is expected to be
located at 435 Edgewood Street, NE, Washington, DC 20017 in Ward 5 (the
"Project”);
WHEREAS, the Applicants have elected, pursuant to Section 142 of the
Internal Revenue Code of 1986, as amended {the “Code’), to set aside at least
twenty percent (20%) of the units for households at or below fifty percent (50%) of
the area median income (‘AMI");
WHEREAS, the Applicants are eligible for Low Income Housing Tax Credits
pursuant to Section 42 of the Cade. and have elected to set aside at least one
hundred percent (100%) of the units at the Project for households at or below fify
peroent (50%) of AMI;
WHEREAS, the Agency has conducted a preliminary review of the request
for financing of the Project in order to determine, among other things, that the
Project and the financing requested therefor, comply with the requirements of the
District of Columbia Housing Finance Agency Act, D.C. Law 2-135, as amended.
D.C. Code § 42-2701.01 ef sea. (the "Act";
WHEREAS, the Applicants have requested financing in an amount not to
exceed $67,330,000 through an offering of the Agency's Tax-Exempt and/or
Taxable Multifamily Housing Mortgage Revenue Bonds (the “Bonds’) for the
financing, Including the financing of reasonably related and subordinate facilities
and any permissible reimbursement expenses, of the Project;
WHEREAS, all or a portionofthe Project may be financed with proceeds of
the Agency's Tax-Exempt Multifamily Housing Mortgage Revenue Bonds, and
such portion that is not financed with the Agency's Tax-Exempt Muttifamily
Housing Mortgage Revenue Bonds may be financed with proceedsof the Agency's
Taxable Multifamily Housing Mortgage Revenue Bonds;
WHEREAS, Agency staff recommends the issuance of the Bonds in an
amount not to exceed $67,330,000. in one or more series, for the benefit of the
Applicants or other related entity affiliated with or related to the Applicants that will
own and operate the Project (the "Borrower’); and
WHEREAS, providing the financing requested for the Project will confer a
public benefit and serve the public interest by lowering the cost of and expanding
available housing opportunities for low and moderate income residents of the
District of Columbia (the “District’), all in accordance with and in furtherance of the
purposes of the Act in the fallowing manner:
 1, Making available approximately one hundred fifty-one (151) units,
‘one hundred percent (100%) of which are estimated to be affordable
to households with incomes at or below fifty percent (60%) of AMI;
2. Providing opportunities for construction jobs to District residents by
requiring that the Applicants and the Borrower give priority to District
residents; and
3. Contributing to the overall social and economic improvement of the
Edgewood neighborhood.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the
Agency (the “Board") that:
1. Based upona review of the request by Agency staff as it relates to the
Project, the report on such review to the Board, the favorable
recommendation of the Executive DirectorCEO, and upon due
deliberation and consultation with Agency staff, the Board hereby
determines that, based on the requirements of eligibility for financing by
the Agency, the Project and its financing by the Ageney will meet the
requirements of the Act
2. Final approval of any financing shall be subject to such terms,
conditions, and documentation acceptable or deemed necessary by the
Ageney,
3. This reservation of volume cap in the amount of $67,330,000, to the
extent available to the Agency, is for a period of one hundred eighty
(180) calendar days, which period may be extended at the sole
discretion of the Board.
}. Adoption of this Eligibility Resolution shall not constitute a commitment
from the Agency to issue the Bonds or to provide financing for the
Project.
. The Executive Director/CEO is authorized to undertake such actions as
are required to be taken pursuant to the Act and the regulations of the
Agency, including the selection of tax professional services.
The Executive Director/CEO is hereby authorized and directed to send
to the Chairperson of the Council of the District of Columbia written
notification of the adoption of this Eligibility Resolution describing the
nature of the Project and the benefits designed to result therefrom as
required by D.C. Code § 42-2702.07.
This Eligibility Resolution shall take effect immediately.
DCHFA Resolution No. 2023-08
ADOPTED ON APRIL 11, 2023
AT A MEETING OF THE BOARD OF DIRECTORS.
ROLL CALL VOTE:
Stephen M. Green : APPROVED
Scottie Irving APPROVED
Stanley Jackson = APPROVED
Heather Wellington : APPROVED
EXHIBIT B
 MULTIFAMILY UNDERWRITING MEMORANDUM
INDUCEMENT APPROVAL
EDGEWOOD V
435 EDGEWOOD STREET NE, WASHINGTON, DC 20017
151 UNITS
DEVELOPER:
ENTERPRISE COMMUNITY DEVELOPMENT
NEW CONSTRUCTION, NOT TO EXCEED $67,330,000
Maximum LTV: 85%, Minimum Debt Service: 1.15x, OR HIGHER, AS REQUIRED BY LENDER
JAMES HOLLEY-GRISHAM
DATE: APRIL 11, 2023
 Multifamily Lending and Neighborhood Investments
Credit Approval Request
Overview:
Project Name: Edgewood V
Project Address: 435 Edgewood St NE, Washington, DC, 20017
Ward: 5
Census Tract 0092.04
DDA/QCT? Yes
# of Units 151
Building Type: New Construction
Primary Developer: Enterprise Community Development
Tax Exempt Bond Issuance Amount (Not To Exceed): $67,330,000
AMI Restrictions: 50% AMI or Less
Applicable Subsidy: LRSP / RAD
Development Team: Name:
General Contractor: Bozzuto Contractors, Inc.
Property Manager: Enterprise Residential
Architect: Wiencek + Associates Architects + Planners
Construction Lender: Capital One, National Association
Permanent Lender: Capital One, National Association
Federal LIHTC Syndicator: Enterprise Community Investments
State LIHTC Syndicator Monarch Private Capital, LLC
Bond Counsel: TBD
Land Considerations:
Environmental Study:
Date Completed: RECS? Budgeted Expense:
5/12/2021 None $0.00
Submarket:
Neighborhood: Edgewood
Walk Score: 75
Transit Score: 72
Detrimental Influences: 78
Real Estate Considerations:
Total Development Cost Per Unit: $815,363
Underwritten Vacancy Rate: 5%
Underwritten OpEx Per Unit: $8,845
PAM OpEx Per Unit Range: $7,946-$9,629
Appraised Value: $22,500,000
LTV: 47%
Capture Rate: 5.5%
Financing:
Bond Issuance:
Type: Buyer:
Short Term Bonds Only Publicly Offered Bonds
50% Test:
Tax Exempt Bond Amount Aggregate Basis/Bond Basis 50% Test
$61,210,000 113,345,115 54%
Permanent Debt:
Debt Execution: HUD 221d(4)
Underwritten:
Amount: $10,668,118
Interest Rate 6.25%
Amortization: 40
Term: 40
DSCR: 1.25x
LIHTC Equity Raise Rate: Total Amount:
Federal LIHTC Raise Rate: $0.89 $46,342,525
DC LIHTC Raise Rate: $0.70 $9,113,205
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TRANSACTION SUMMARY:
The Multifamily Lending and Neighborhood Investments (“MLNI”) underwriting staff requests the
inducement approval from the District of Columbia Housing Finance Agency’s (“DCHFA” or the “Agency”)
Board of Directors (the “Board”) for the issuance of tax-exempt bonds in an amount not to exceed
$67,330,000 to finance a portion of the costs to construct 151 units at Edgewood Commons V
Apartments (the “Development” or the “Property”). The Senior Mortgage Loan will be constrained to
85% stabilized Loan to Value (LTV) and 1.15x amortizing debt service coverage ratio (DSCR).
Edgewood V is a part of a larger campus, known as Edgewood Commons, which is owned by Enterprise
Community Development Inc. Edgewood Commons is comprised of a total of 792 units, spread out
amongst three high-rise buildings and four garden-style buildings. Additionally, there is an above-grade
parking structure and outdoor recreation spaces throughout the campus.
On January 29th,2002, Edgewood IV Limited Partnership purchased the development site from Edgewood
Terrace IV Preservation Corporation. On November 10th, 2021, the borrowing entity, ECD Edgewood
Commons 5 LP (“Borrower”), executed an option to purchase Lot 812 in Square 3630 (the “development
site” or “Property”) from Edgewood IV Limited Partnership (“Seller”). Given that both entities are owned
by Enterprise Community Development, this is considered a related party sale. Upon financial closing, the
Seller will convey the land to the Borrower in exchange for a seller’s note for $13,200,000 (appraised land
value). The Borrowing entity is a limited partnership, with ECD Edgewood Commons 5 GP LLC as the
managing general partner (“General Partner”, 0.01% ownership interest) and a to-be-determined LIHTC
Investor as the limited partner (Limited Partner, 99.99% ownership interest). The General Partner is
managed by Enterprise Community Development (“Manager,” 100% ownership interest).
The unit mix of the Development consists of a total of 151 units including 11 efficiency units, 135 one-
bedroom units, and five (5) two-bedroom units. The site will consist of one (1) newly constructed, nine-
story, high-rise building. The structure will consist of eight stories of composite steel bar joists with load-
bearing metal stud walls, otherwise known as a Hambro system, over a one-story conventionally
reinforced concrete podium. The building will be restricted to residents earning 30% and 50% of Area
Median Income (“AMI”) or less. 96 units will be restricted to residents earning 30% AMI or less. Of the 96
units restricted to residents earning 30% AMI or less, 56 will be receiving Local Rent Supplemental
Program (“LRSP”) project based subsidy. 16 units out of the 56 units will also be permanent supportive
housing (PSH) units restricted to 30% AMI. Also, 50 units will be supported through Rental Assistance
Demonstrations (RAD) for Project Rental Assistance Contact (PRAC), or RAD for PRAC. RAD for PRAC is a
way for projects previously financed with PRAC units to convert the units to RAD, which allows the units
to qualify for Low-Income Housing Tax Credits. RAD is a long term operating subsidy contract that can be
paired with Low-Income Housing Tax Credits
The Development is located approximately 0.6 miles from the Rhode Island Metro station, which services
the Red Line. It is in Census Tract 92.04 in Ward 5. The site is designated as “Very Walkable” with a Walk
Score of 75, which indicates that most errands can be accomplished on foot. Additionally, the Project is
located 0.2 miles from the D8 (Hospital Center) and G8 (Rhode Island Avenue) bus lines, which provide
connections to various destinations throughout the city including Union Station, MedStar Washington
Hospital Center, Rhode Island Avenue Station and Downtown.
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Property amenities will include free high speed internet in common rooms, fitness room, a community
room, on-site food provision, cafeteria, central laundry, private office space for service providers to meet
with residents, and numerous communal area amenity spaces for games, quiet/reading space, etc.
Apartments will feature fully equipped kitchens with refrigerator, dishwasher, garbage disposal and gas
range. Other apartment features include slip-resistant flooring, central heating/cooling and window
coverings. The units will include universal design features to prevent falls and facilitate aging in place. All
units will be fully accessible, and bathrooms will have direct access to bedrooms. There are two laundry
rooms on each of the residential floors (two - nine). Each laundry room has a set of laundry machines,
with two sets total on each floor. Additionally, each unit will also have a washer and dryer hookup for in-
unit laundry opportunity. Residents will have the ability to bring their own washers and dryer, or lease
washer and dryers at a reasonable price. Residents will be leasing modern, fully updated apartments with
brand-new appliances, kitchen countertops, cabinets, flooring, and updated bathrooms. Also, each unit
will include accessibility features (pull-cords, grab bars, and handrails) to accommodate the residents.
In addition to the amenities outlined above, the project will also include 6,500 square feet, ground floor,
adult day care. The day care is a community service facility under Section 42 of the internal revenue code.
The day care will serve on-site residents and Washingtonians that are in the surrounding neighborhoods.
There will be a shuttle service for residents not living on the campus.
The capital stack for the Development will consist of permanent financing in the approximate amount of
$10,668,118 as a 221 d (4) construction to permanent loan, a $24,884,229 DHCD HPTF loan, a $13,200,000
Seller’s Note, $4,100,000 in HUD Section 202 capital advance funds, a $7,676,547 Sponsor loan,
$4,590,750 in GIC income, $225,336 in Solar ITC credits, $596,750 in accrued interest, $46,342,525 in
federal Low Income Housing Tax Credit, or “LIHTC” Equity, $9,113,205 in DC LIHTC credits, $25,000 in
Sponsor equity, and a $1,697,393 deferred developer fee. The total development cost is $123,119,853
($815,363/unit), inclusive of acquisition, hard and soft costs, developer, and financing fees, reserves and
escrows.
The remaining members of the development team consist of Bozzuto Contractors, Inc. as General
Contractor, Wiencek + Associates Architects + Planners as Architect, and Enterprise Residential as
Property Manager.
PROJECT READINESS
The Sponsor has been working with the Department of Consumer and Regulatory Affairs’ (DCRA)
approved third party pla