October 15, 2009

Southgate Place Gets 3.8 Million

Excellent more money for another low to mod income housing project!!

click here

The state will put $50.3 million in federal stimulus money into 10 stalled housing development projects, including four in Central Massachusetts.

Gov. Deval Patrick's office said the money is intended to make up for the lack of equity in the low income housing tax credit market. The U.S. Treasury is providing the American Recovery and Reinvestment Act funds and allowing states to convert tax credits into grants.
In Central Massachusetts, the Southgate Place project, which is part of the planned revitalization of the South Worcester Industrial Park, will receive $3.8 million.

Although the neighbors do not want the project, Worcester has way too much low to mod income housing, thee is no market for low income housing tax credits-- Southgate Place is getting 3.8 million dollars..


Anonymous said...

Geez !!! You can't make this stuff up! ... Bill once again, you are head and shoulders above the local media on your coverage of this...

Harry T

Jahn said...

What do we have planned at Soughgate St. 24 units is it?

$158,000 per unit and that isnt even all of teh costs.

I see existing, free standing single family homes in decent areas of teh city going for less than $200,000 wiht off street parking, yards, no sewrage in cellar, and all the other amenities one doesnt get when renting the likes of a $300,000+ unit from Worc Common Grd.

Where is all thsi dinero being spent for units that are how many sq ft.....1000??? Do these CDC's pay union/rated job wages?