Housing group to convert apartment buildings

By Brock Parker, Town Correspondent

A nonprofit affordable housing organization has signed a purchase and sale agreement to buy three apartment buildings in East Arlington and convert them into 32 units of affordable housing.

David Levy, executive director of the Housing Corporation of Arlington, said the nonprofit organization is hoping to finalize on the purchase of the three buildings along Massachusetts Avenue this fall. Until the deal is closed, Levy did not wish to disclose the addresses of the apartment buildings.

But Levy said the purchase will enable the Housing Corporation to convert the buildings from market rate units into affordable housing, and the Housing Corporation will preserve the history of the buildings, which are each about 100 years old.

“It’s a great opportunity,” Levy said. “It’s historic buildings that need some T.L.C.”

The project will cost almost $9 million and Levy said it is the largest undertaking of the Housing Corporation to date.

A mix of private and public financing will be needed for the project, including funding the town is providing from Community Development Block Grants. The Housing Corporation will apply for state affordable housing funding in September.

Levy said the Housing Corporation will also improve the energy efficiency of the buildings by including upgrades such as solar powered hot water heaters.

--brock.globe@gmail.com