Housing Corporation of Arlington



Sept. 19, 2013

CONTACT

Rochelle Truong

(415)356-8000

cpas@

FOR IMMEDIATE RELEASE

CAPITOL SQUARE APARTMENTS RECIEVE NATIONAL RECOGNITION

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(Capitol Square Apartments, Arlington, MA)

Development Honored for Financial Innovation at the Inaugural Novogradac Journal of Tax Credits Historic Rehabilitation Awards Ceremony

DETROIT – Capitol Square Apartments, developed by Housing Corporation of Arlington, received an honorable mention as a Historic Tax Credit Development that Best Demonstrates Financial Innovation by Novogradac & Company LLP at its first annual Novogradac Journal of Tax Credits Historic Rehabilitation Awards ceremony. The Historic Rehabilitation Awards were created to commemorate outstanding achievement in the rehabilitation of developments using the historic tax credit and highlight projects that exemplify financial innovation, major community impact, and success in overcoming significant challenges. The winning developments were awarded before hundreds of historic tax credit professionals at Novogradac & Company LLP’s Historic Tax Credit Conference in Detroit, Mich. on Sept. 19.

“Since its inception in the 1970s, the historic tax credit has contributed to rehabilitation projects that revitalize communities, stimulate economic activity and preserve iconic communities. This year’s award-winning developments are proven success stories of how the historic tax credit program has been used as a valuable tool for economic resurgence and historic preservation,” says Thomas Boccia, CPA, conference chair and partner in Novogradac & Company LLP’s Cleveland, Ohio office. “I salute this year’s award winners for their remarkable contributions and welcome all to submit nominations next year.”

The Capitol Square Apartments, formerly known as the Holian Apartments, located in Arlington, Mass. received an honorable mention in the financial innovation category. The acquisition and redevelopment of these three apartment buildings required a complex combination of funding sources. The large number of public and private financing partners attested to the complexity of Capitol Square Apartment’s financing. Following the $10.7 million cost in renovations, the Capitol Square Apartments now provide housing to more than 32 households of low-income families and individuals.

Full descriptions of the wining developments can be found here: .

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The Novogradac Journal of Tax Credits is a national monthly publication read by affordable housing, community development and renewable energy professionals who turn to its pages for industry news and commentary. The Novogradac Journal of Tax Credits covers the low-income housing tax credit, property compliance, valuation, tax-exempt housing bonds, new markets tax credit, renewable energy tax credit, historic tax credits and HUD programs.

Novogradac & Company LLP was founded in 1989, and has since grown to more than 400 employees and partners in offices in San Francisco and Long Beach, Calif.; the Washington,

D.C., Atlanta, Ga., Detroit, Mich., Kansas City, Mo. and Seattle, Wash. metro areas; St. Louis,

Mo.; Boston, Mass.; Austin, Texas; Dover, Columbus and Cleveland, Ohio; New York, N.Y. and Portland, Ore. Specialty practice areas include tax, audit and consulting services for tax-credit-assisted multifamily and affordable housing, community revitalization and rehabilitation of historic properties. Other areas of expertise include military base redevelopment, preparation and analysis of market studies and appraisals of multifamily housing investments and renewable energy tax credits.

To learn more about the Capitol Square Apartments or the Housing Corporation of Arlington, please contact ctajima@. For further information on the Novogradac Journal of Tax Credits or the Community Development Awards, please contact Teri Baker at teri.baker@.

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