As I have pointed out on this blog many times and at a recent meeting of the Chandler Business Association, look at the Chevalier Building on Water Street. I believe this has a 25% "affordable" component, reminds me of the Royal Worcester on Grand Street-a great project which has a similar "affordable" component.
The developer uses these grant monies for the portion of the portion of the project dedicated for "affordable" to make the numbers work. These are great projects and make the City of Worcester a better place to live. On the other hand projects like the Hadley, 9 May Street or Southgate Place which have 100% affordable are not. Imagine being turned around to rent a unit at any of these places because you make too much money?
We need to put a limit on any of these projects in the future in order to received any funding from the City of Worcester. A 25% limit per project seems very fair to me. If you want to do a project that is 100% affordable, there is nothing anyone can do to stop you. Just the City of Worcester should not give any tax-payer assistance.
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