In September 2025, HCA acquired the rental properties at 840-846 Mass Ave and 17 Newman Way!
These are the two brick buildings across from Arlington High School and the CVS, and a 2-family home behind them on Newman Way. Tenants there asked HCA to purchase their buildings after facing rent increases and organizing to find a way to stabilize their homes.
HCA is thankful for support from the Town Manager, Select Board, and the Arlington Housing Trust. The Arlington Housing Trust awarded the project a vital loan. The Town awarded a significant ARPA grant, and a grant from the state’s MBTA Communities Catalyst Fund (secured by the Town’s Planning and Community Development staff, and passed on to HCA). This acquisition qualified for the MBTA Communities Catalyst Fund (a program of the state’s Executive Office of Housing and Livable Communities) because the properties are within Arlington’s new MBTA Communities multi-family zoning overlay. HCA is now developing a plan to build additional affordable homes on the site under that zoning.
HCA is also grateful to our many other lenders and subsidy partners: Massachusetts Housing Investment Corporation, The Life Initiative, The Boston Foundation, Boston Impact Initiative, Eastern Bank Foundation, and the sellers, Torrington Properties, who extended a seller loan. HCA also invested funds from the sale of our 225 Broadway 2-family property, which suffered a serious fire in December 2024.
HCA will complete relatively minor renovations over the next several months, and will seek state subsidies and federal tax credits in order to complete more major improvements in coming years.
Total Number of Units: 59
Acquisition Date: September 18, 2025
Affordability: 10 units currently restricted as per Town of Arlington and Arlington Housing Trust requirements. The property will become more fully restricted after HCA secures state and federal financing and conducts major improvements in coming years.
Financing:
Town of Arlington (via ARPA grant and EOHLC MBTA Communities Catalyst Fund grant)
Arlington Housing Trust
Massachusetts Housing Investment Corp
The Life Initiative
Boston Impact Initiative
Seller Note
Sponsor loan from HCA