Tuesday, October 23, 2012

Capitol Square Apartments Project Closing Announcement!

Housing Corporation of Arlington (HCA) is pleased to announce closing on our Capitol Square Apartments Project, the first Arlington property to receive low-income housing tax credits from the Massachusetts Dept. of Housing and Community Development (DHCD).  

“Capitol Square Apartments Project  is HCA’s most exciting endeavor yet,” states Paul Parravano, HCA Board President, “In size, scope of work, diversity of funding, location—it all adds up to a monumental achievement for HCA and our supporters.”

The acquisition and redevelopment of these properties required a complex mix of both private and public financing, including Community Development Block Grant funds from the Town of Arlington, local HOME Program funds, state Affordable Housing Trust Funds, stabilization funds through DHCD, low-income housing tax credits (4%), tax-exempt bond financing through Eastern Bank, state and federal historic tax credits with investors Brookline Bank and Cambridge Savings Bank, and HUD funding through the McKinney-Vento Program.  The total cost of this venture is approximately $11 million.

Applications are currently available on the HCA website, at the HCA office, and at the Robbins Library.  Applications must be postmarked by noon on November 1 to be eligible for the lottery on November 7. The units will start renting to new tenants this winter.