Construction on the first of three buildings that will house 32 affordable units at the Capitol Square Apartments on Massachusetts Avenue in Arlington is now complete.
The project’s developer, the Housing Corporation of Arlington (HCA), has finished renovating the historic property, originally constructed between 1892 and 1912, at 258 Mass Ave. The full project is expected to be finished this winter.
"Capitol Square Apartments is HCA’s largest project yet and the first Arlington property to receive low-income housing tax credits from the Massachusetts Department of Housing and Community Development," said Mark Lesses, HCA’s vice president, in a statement.
The apartment buildings are being rehabbed under the guidance of the U.S. Department of the Interior National Park Service and the Massachusetts Historic Commission. Renovations include all new systems, new roof, wall and roof insulation, insulated windows, some new kitchens and baths, stucco recoating, copper flashing and preserving as much of the original detail as possible. Units will be affordable in perpetuity serving low-income households at or below 60 percent of area median income. The buildings will offer six studio units, 17 one-bedroom units and nine two-bedroom units.
The acquisition and redevelopment of these properties required both private and public financing including Community Development Block Grant funds from the town of Arlington and low-income housing tax credits. Tax-exempt bond financing was provided through MassDevelopment and Eastern Bank. The total cost of this venture is approximately $11 million.
