The following is from the Housing Corporation of Arlington.
Housing Corporation of Arlington (HCA) is pleased to announce the closing on its 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).
Originally constructed in 1912, these three apartment buildings on adjacent parcels are a few blocks from the Capitol Theater in East Arlington. Significant renovations will be made to all 32 existing apartments, common areas and exteriors, and units will be made affordable in perpetuity serving low‐income households.
“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, 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.
HCA will perform capital improvements to the buildings including heating system replacement, roof replacement, installation of sprinklers and emergency lighting, and electrical system upgrades as well as overall unit upgrades with kitchen and bath replacements or upgrades, unit reconfiguration and floor refinishing. Energy improvements will include wall and roof insulation, new windows, and energy efficient appliances.
The buildings’ strong historic integrity of location, design, setting, materials and workmanship will be enhanced through the renovation. In the interior, wood floors, stair newels and balustrades, and other original wood moldings will be preserved. Exterior details will be carefully restored or recreated to further enhance the appearance of these architecturally and historically significant structures. Rehabilitation of each building will be done in compliance with the Secretary of the Interior’s Standards for Rehabilitation. The proposed renovation at 252, 258‐260 Massachusetts Avenue will reinforce the early‐20th‐century streetscape in scale, massing and setback.
While the properties currently provide 32 one‐bedroom apartments, following renovations the buildings will offer a mix of apartment sizes: 6 studio units, 17 one‐bedroom units and 9 two‐bedroom units, retaining 32 units overall.
Bus service is available at the front door and many retail and other services are within walking distance. There is ample off‐street parking for residents with automobiles. Eight project‐ based Section 8 vouchers are secured, and those apartments will be affordable to very low‐income families and individuals. The remaining rents will be affordable to households earning between 30% and 60% of the Area Median Income (AMI). The majority of the units will be affordable at 60% AMI (no more than $44,100 for a family of two).
Applications are currently available on the HCA website (www.housingcorparlington.org), 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.
With the completion of the Capitol Square Apartments Project, Housing Corporation of Arlington will own and operate 90 affordable apartments in Arlington.