Capitol Square Apartments Creates 32 Arlington Affordable Housing Units with $6 Million MassDevelopment Bond
November 5, 2012
MassDevelopment has issued a $5,936,000 tax-exempt bond on behalf of HCA Capitol Square Apartments, LLC, which will use bond proceeds to acquire and renovate a 32-unit rental housing facility on Massachusetts Avenue in the East Arlington neighborhood. The company will rent all units to households earning up to 60 percent of the area median income. Renovations include window and roof replacement, mechanical upgrades, and kitchen and bathroom renovations. Once renovations are finished, the property will have six studio units, 17 one-bedroom apartments, and nine two-bedroom units. Eastern Bank purchased the bond. Housing Corporation of Arlington (HCA) is the nonprofit sponsor of the development.
“Expanding and protecting affordable housing are key economic-development and quality-of-life priorities for Arlington,” said MassDevelopment President and CEO Marty Jones, “MassDevelopment is proud to support Housing Corporation of Arlington’s commitment to adding more affordable units to the Town and to the Commonwealth’s housing stock.”
“Capitol Square Apartments is HCA’s most exciting endeavor yet,” said Paul Parravano, HCA Board President. “In size, scope, diversity of funding, and location – it all adds up to a monumental achievement for HCA and we thank MassDevelopment and Eastern Bank for their continuing support for affordable housing. We could not have accomplished it without their support and the support of all our partners, investors and funders.”
“The Capitol Square Apartments project will both contribute high quality family housing to Arlington’s housing stock and result in the restoration of three beautiful historic buildings in a vibrant, transit-oriented neighborhood,” said Christopher W. Scoville, vice president, Community Development Lending, Eastern Bank. “Eastern Bank is pleased to be working with Housing Corporation of Arlington and MassDevelopment on this exciting project.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.