WASHINGTON, DC – The District of Columbia Housing Finance Agency (DCHFA) closed its first affordable housing investment of FY 2024 with the issuance of $59.6 million in tax exempt bonds and underwrote $44.8 million in federal and $8.8 million in D.C. Low Income Housing Tax Credit equity for the construction of Edgewood Commons V Apartments (435 Edgewood St NE). The new Ward 5 senior community will consist of 151 apartments.
DCHFA is proud to continue its partnership with Enterprise Community Development in expanding the Edgewood Commons campus and increasing the number of affordable rental housing units in Ward 5, specifically much needed apartments for seniors, stated Christopher E. Donald, Executive Director/CEO, DCHFA.
In August 2023 the Agency invested $54.7 million in tax exempt bonds for the rehabilitation of Edgewood 611 and Edgewood Gardens Apartments both of which are components of Edgewood Commons. Financing sources for Edgewood Commons V include a $26.5 million loan from the DC Department of Housing and Community Development s Housing Production Trust Fund.
Edgewood Commons V Apartments (ECVA) will be a nine-tale $123 million high-rise with 11 efficiency, 135 one-bedroom, and five two-bedroom units. The building will be restricted to senior residents aged 62 and older, earning 30 percent and 50 percent of area median income (AMI) or less. Ninety-six of ECVA s units will be restricted to residents earning 30 percent AMI or less. Of the 96 units restricted to residents earning 30 percent AMI or less, 56 will be receiving Local Rent Supplemental Program project-based subsidy. Sixteen units out of the 56 units will also be permanent supportive housing units restricted to 30 percent AMI. The remaining 40 units at 30 percent of AMI will receive a rent subsidy through Rental Help Demonstrations (RAD) for Project Rental Help Contact (PRAC). Additionally, 10 units at 50 percent of AMI will benefit from RAD for PRAC rent subsidies. The remaining 44 units at 50 percent of AMI are unsubsidized.
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. In addition to accessible bathrooms, each unit will include pull-cords and grab bars. ECVA will also include a 6,500 square foot adult day care located on the ground floor operated by Easterseals. Easterseals provides daily clinical care, supervision, activities, and curb-to-curb transportation for adults, seniors, and veterans.
Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

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CHARLOTTE, NC – S2 Capital, a vertically integrated multifamily investment manager, announced it has bought Timber Creek, a 352-unit multifamily property located in Charlotte, North Carolina, and represents S2’s eighth property in the state. Financial terms of the transaction were not told.
Davey Leach, Vice President of Acquisitions at S2, said, “S2’s multifamily investment approach targets high-growth markets across the U.S., and our team is always searching for attractive properties in flourishing cities like Charlotte. We’re pleased to be making our fifth acquisition in Charlotte with Timber Creek, and look forward to enhancing the property while growing our footprint in North Carolina.”
Located at 1100 Falls Creek Lane, Timber Creek sits within the Collingwood neighborhood, six miles southwest of downtown Charlotte. The attractive and expanding Charlotte market has a below-average cost of living, a thriving restaurant and entertainment scene and is a hub for financial services and banking. Charlotte continues to see strong employment growth across industries, with major employers including Amazon, Atrium Health and Bank of America, along with over twelve colleges and universities in and around the metropolitan area. These solid underlying fundamentals and growth trajectory contributed to S2’s acquisition of Timber Creek.
Timber Creek includes studio, one- and two-bedroom floorplans, with finishes such as stainless-steel appliances, large closets, smart thermostats and more. In the property’s community spaces, residents have access to desirable community amenities including an outdoor swimming pool, grilling station, clubhouse and equipped fitness center, a dog park and nature trail, as well as proximity to the Lynx Blue Line light rail system that runs throughout Charlotte.
Following its acquisition of Timber Creek, S2 plans to rebrand the property as The Marley. Additionally, S2 plans to make exterior renovations to the buildings and outdoor amenities, as well as upgrade unit interiors with a competitive set of modern finishes.

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LOS ANGELES, CA – Thrive Living, with the support of JPMorgan Chase, is delivering a new 376-unit affordable and workforce housing community on the site of a former industrial storage facility north of Downtown Los Angeles.
Last year, Thrive Living secured entitlements for the site, located at 1457 North Main Street, and recently started construction of a contemporary six-tale mixed-use apartment complex that will help meet the need for more affordable and workforce housing in Los Angeles.
JPMorgan Chase, through its Workforce Housing Solutions group (formerly Capital Solutions), is providing a $68.5 million construction loan to an entity controlled by Thrive Living, which anticipates completing the Main Street project by December 2024.
The rents for all of the building s 376 units are attainable for low- and moderate- income residents earning up to 80% Area Median Income (AMI). Some examples of moderate-income residents are teachers, nurses, and other essential workers for whom housing costs often exceed more than half of their income. The building will also welcome individuals with Housing Choice Vouchers.
This project aligns with Thrive Living s mission to buy and redevelop strategically located sites in urban markets that are experiencing significant housing affordability gaps. Like other Thrive communities, the Main Street project is privately financed without the use of scarce public subsidies.
Our non-subsidized financing model enables us to make a larger impact and go quicker to build more affordably priced housing without concern for ceilings imposed by limited tax credits, said Zak Tendle, Principal, with Thrive Living s Los Angeles office. We are so appreciative of the opportunity to work with the team at JPMorgan Chase and bring this vital housing project to life in Los Angeles, where quality housing that is affordable to residents is in such small supply.
JPMorgan Chase is a leader in providing debt for low-income housing tax credit (LIHTC) affordable housing projects. Our Workforce Housing Solutions group expands our financing offerings to include workforce and mixed-income projects with restricted rents, said Lionel Lynch, Director of the Community Development Banking Workforce Housing Solutions Group at JPMorgan Chase. This fully rent-restricted Main Street project fills a significant gap between affordable housing for low- income families funded with LIHTC and unrestricted market-rate housing, providing safe and stable housing with attainable rents in high quality new construction with vibrant community amenities.
This is JPMorgan Chase s first construction loan to a 100% rent- and income-restricted workforce housing multifamily community.
Thrive s Main Street property features a cost-effective, innovative design approach that drives down construction costs while maintaining quality. The company s goal is to build upwards of 5,000 units of affordable and workforce housing each year in California.
The 1457 Main Street project reflects Thrive Living s approach to make spaces for residents that enrich the living experience. The property will include resident amenities equal to or better than many market-rate developments. These include a landscaped roof deck, including a BBQ and dining area with seating, as well as a gym, recreation room, Amazon package room, and business center. The transit-oriented property is located near public transportation, and is a small walk from the Los Angeles Historic Park as well as dozens of shops, restaurants, and other community amenities. Parking will be located below the building and will include EV charging stations.

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