Not only is this project getting funds from the City of Worcester (believe they are HOME funds), but we are getting grants from the Commonwealth and Federal tax credits. Although the project is costing $7 million, in the end the loan that has to be paid back will be in the $600,000 to $1,000,000 range. The rest of the monies do not have to be paid back as long as the 25 units are rented to low to mod income residents for the affordability period (believe it is twenty years). In other words, if a professor from Holy Cross wants to live there, he (or she) would not qualify.
This project will not be mothballed. If it was a conventional private project, it would but this is not a conventionally financed project. In today's market, the only ones who can build in Main South are highly subsidized builders of affordable housing. The numbers simply do not work for a private investor in this area.
Paulie, as far as what the actually people who live here or own property next to this project, you are so naive. Their opionion means nothing. This is big money (7,000,000 million dollars)!!! Since you are only paying back a note on $1,000,000 (at the most) and 25 units are rented then their are residual income to the developers (South Worcester is 50% owner in the end). In other words the South Worcester Neighborhood Center has a vested interest in this project since we all know that state funds are getting cut. Talk about conflict of interest.
Bottom line if Donald Trump ever came down here and wanted to build luxury condos, he would be turned away with people yelling "gentrification". On the other hand, you come to town with millions of tax-payer monies planning to build housing for low to mod income people, the red carpet is rolled out, variances are granted, water/sewer hook-ups are waived and sidewalks repaired at no cost.
Did I mention the ribbon cutting ceremonies? Twenty percent low to mod-income housing here we come. Right now the commercial-industrial tax base is at 18% in the City of Worcester while low to mod income is at 13.60%. I predict that by the year 2010, the percentage of low to mod income housing will exceed the commercial-industrial tax base.
The number 1 growth industry in the City of Worcester is low to mod income housing development!
Same Time Next Year
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It’s been nearly a year since I wrote about the problems that come from
having 11 bosses who are not on the same page about anything, as well as
suggestion...
4 months ago
5 comments:
I am not naive Wild Will..I was asking a question
Deep breath..you are not the only one frustrated with Worcester
For guy who just had food poisoning, I am sorry....
You have no idea how mad this whole process has made me. For three years, we do "MASTER PLAN". Did this plan ever call for a 25 unit low income apartment building? NO it did not.
Do the neighbors or people who live near this proposed project want it ? No they do not.
It makes no difference it is going to be built and it all comes down to the money. Don't let anyone kid you this is all about the neighborhood and has nothing to do with wants and desires of the people.
Bill at about $250,000 per unit (25 units costing $7,000,000), this might be called gentrification...at least as far a an area like Main South is concerned
God where is all the money going? Building 25 apts in one structure like this should cost no where near that kind of money.
This all about the likes of SWNC building their own littel fiefdom to ensure their viablity going forward. Building fiefdoms is fine.......just dont take my tax money to do it.
Jahn:
If someone wants to build a fiefdom, that is fine by me and I think you would agree. Just don't do it with our money.
There are literally millions of tax dollars various forms (City, State and Federal) pouring into these projects. In surrounding towns, these projects, however, would be fought tooth in nail.
Not in Worcester. We not only welcome them, we grant variances, waive water and sewer hook-ups, pay for the sidewalks they damage and congratulate them when they start and finish.
Lets not even go in to the point you always bring up, that being the added cost to our school system. Right now there is no stopping this and the first politician that stands up against this will be crushed by all the forces that are transferring millions of tax-payer dollars into their coffers.
Bill
Wild Will..you, me and a few others are doing stuff in the urban core that few are doing..we are in the minority...a boatload of history buffs on the westside like to blame others for the malais of the urban core..
As we have spoken before about this..a concerted effort needs to be undertaken within the urban core of like minded business and residential folks who are against this sprawl...we need to get the business groups together, we need to get "some of the resident groups" together like the Becker area group and we need to start pushing the envelope on this issue...taxation, endless no-lo income housing and substance abuse programs being placed willy nilly....just listening to this CC speak on the taxation issue alone shows you how swayed this group is strictly by votes and nothing more..no responsible debate, no sound business comments,absolutely no leadership, nothing but "we are a city of people (albeit slowly a city of poor people) not bricks and mortar" ..almost Gettysburg in statue there mates.
Since you like to be on boards..perhaps we should create our own and get crackin'..I love a challenege:>) Even if the challenge dates back 40+ years.
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