BII Partners with Housing Corporation of Arlington to Protect Affordable Housing

We are excited to announce our investment in Housing Corporation of Arlington (HCA), a well-established non-profit community development corporation that has been a cornerstone of affordable housing preservation in Arlington, Massachusetts. In September 2025, HCA successfully acquired 840-846 Massachusetts Avenue and 1517 Newman Way, marking a significant victory for tenant organizing and community-driven housing preservation. Led by Executive Director Erica Schwarz and Real Estate Project Manager Andrew Wofford, HCA exemplifies the intersection of community development expertise and grassroots impact that drives meaningful housing justice.

BII’s loan supports HCA’s acquisition and preservation of 59 affordable housing units at 840-846 Massachusetts Avenue and 1517 Newman Way, protecting crucial Naturally Occurring Affordable Housing (NOAH) in an increasingly gentrifying area. This project serves residents across the affordability spectrum, with units ranging from 30% to 80% of Area Median Income (AMI), ensuring that families and individuals at various income levels can continue to call Arlington home.

Erica Schwarz, HCA’s Executive Director, emphasized the critical nature of this partnership: “BII’s investment in this acquisition provided essential funding, without which HCA would not have succeeded in taking these 59 homes out of the speculative market. Preserving these units as affordable housing will have a lasting impact—not only for the tenants who organized against rent increases, but also for generations of families who will benefit from Arlington’s green spaces, transit, schools, and civic life, as well as from participation in HCA’s inclusive and active tenant community.”
What sets HCA apart is their comprehensive approach to community development. Beyond affordable housing development and management, the organization operates homelessness prevention programs and provides energy efficiency upgrades for low-income homeowners. Their experienced management team has successfully completed LIHTC deals and built strong relationships throughout Arlington, positioning them as a trusted steward of the community’s housing needs.

This project represents a powerful example of tenant organizing meeting community development expertise. When residents at 840-846 Massachusetts Avenue faced rent increases, they organized and specifically asked HCA to purchase their buildings to stabilize their homes. HCA’s acquisition not only preserves these homes as affordable but also ensures that current tenants can remain in their community.

This collaborative effort was made possible through support from multiple partners, including the Town of Arlington, Arlington Housing Trust, Massachusetts Housing Investment Corporation, The Life Initiative, The Boston Foundation, and Eastern Bank Foundation. BII’s investment was a crucial component of this diverse funding coalition that enabled HCA to act quickly and preserve these units from the speculative market.

The social impact of this investment extends beyond housing preservation. Through HCA’s commitment to economic justice, these 59 units will remain accessible to low and moderate-income residents in an area experiencing significant gentrification pressure. Additionally, tenants will be invited to join HCA’s Tenant Council, which influences property management policies and provides leadership opportunities—embodying principles of governance and power-building within the community.

HCA’s work directly aligns with BII’s mission of preventing displacement while building community wealth. In a housing market where affordable units are increasingly at risk, this partnership demonstrates how strategic investment can preserve community stability while empowering residents to shape their housing future.

We’re proud to support HCA as they continue their essential work of creating and preserving affordable housing in Arlington, ensuring that economic diversity remains a cornerstone of this vibrant community.

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