Part 4 is all about Holy Cross....
I read a story in the Telegram about a property on LaGrange Street by Clive McFarlane. The long and the short of it was that the owners of the condos had walked and that the place was a mess. This property has now been placed into receivership under the state’s Abandoned Housing Initiative. Now the property is managed by Worcester Community Housing Resources.
Although I doubt Cambridge/Hacker would have been mismanaged to this degree and forced to be placed into receivership, I have no doubt that the South Worcester Neighborhood Center would not have been able to pay interest on $1,060,000 loan. This begs the question then what would have happened if Holy Cross had not co-signed on the loan?
By now BankNorth would have foreclosed and taken title to the property. If they had a) decided to rent or b) sold any of the remaining 9 units to people of non low to mod income, a pro rata portion of the grants would have had to be repaid back by whatever PJ (presiding jurisdiction) had give the monies in the first place.
Bottom line.. The fact that Holy Cross has been paying the monthly interest has not only 1) stopped the loan being foreclosed but 2) saved the PJ ( Presiding Jurisdictions) from having to pay back the monies (650,000) that were granted to this project for falling into non compliance. Who are the PJ's? They are the CIty of Worcester and the Commonwealth of Massachusetts.
In other words Holy Cross has taken a bad situation and bought everyone alot of time to make this project, that was intended, to keep all the grants in compliance by paying the monthly interest. My guesstimate is that the monthly interest is $5,000 per month. Thank you Holy Cross!!!!
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