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.
