March 29, 2011

Home Funds

I asked the City for report on HOME FUNDS from January 1, 2010 thru the present day:

Canal Lofts                                                               750,000       64 rental units
South Worcester Neighborhood Center             450,000      25 rental units
Windor Street LLC                                                 400,000         6 rental units
East Side CDC                                                         120,000        homebuyer unit  & 2 rental units
Castle Hill                                                                 550,000       9 rental units
Worcester Common Ground                              1,000,000       22 units of housing
Channing Terrace                                                   360,000       46 units
Main South CDC                                                     150,000       6 rental units
Whiz Kids  LLC                                                       250,000       18 units
Latin American Health                                            60,000         9 Single Room Occupancy units

Some of these units are on-line, while others will be coming on-line.  

The Governor of Florida recently said "NO" to a whole bunch of monies from the Federal Government to build a train line.   His basis was that,although the money was free that Florida could not afford this in the long run.

Considering we already have way above our minimum, maybe we should say "NO" to anymore HOME FUNDS>  


Jahn said...

IS Canal Lofts the Winn Dev'ment? I sure hope not.

Castle Hill and Worcester Common Grds both sound like items that were put out to bid and June of 2005 and awarded in Sept of 2005with constr to start w/in 9 mnths was it?

I'd be curious to know where in the city charter we can find justification for the city being a gaurantor of what are usually 3 rd & 4th mortgages on privately owned property. Maybe Mr Moore of teh city law dept could answer that question, if the guy has any extra time available...given what appears to some of the foolish cases he is forced to pursue.

Jahn said...

I meant o add, assuming teh $1m to worc comm grds of 22 units is the Mason St does this fall w/in the 2010 to date timeframe? I would think these funds were requested back in 2005 when the bids werer awarded and finalized.

Are these requests for HF's or are they actual disbursements? Requests I assume?

Jahn said...

Ok no one will help mme out here so I goggled Canal lofts and here is what I found from some article and I quote:

"Half of the 64 dwellings will be affordable by state standards and the other 32 will be rented at market rates. Income cutoffs for the 32 affordable units will be $37,500 for one-bedroom apartments and $45,000 for two-bedroom apartments. Half of the units could be sold after a five-year tax credit period, Winn said. "

Maybe I am missing something here but if they got HOME FUNDS in the amt of $750,000 for a 64 unit project and 32 of the units will be low income(1/2 x 64 per above), then are they really going to stick to only 1/2 of the units being low income?

I am suggesting to you, that low income units mixed with market rate units is like mixing oil & water. That entire lower end of Grafton St up to Rice Sq has been ghetto'ized in the last 2 decades and now it is slowly creeping up Hamilton St and out Grafton St, too.

Anonymous said...

seems some things are missing? maybe u should ask about all funding sources?

Bill Randell said...


You are right HOME funds is just one pile of free monies from the Government that lo-lo housing developers tap into.

The HOME funds, I think??, is one thing that we can control on a City level, while the other sources we can not.

I could be completely wrong on this but that is my understanding


Paulie's Point of View said...

Senor Pedro Jahn....setting aside a percentage of lower priced units in a development has been happening for twenty years in the Boston area and for private projects also...many communities trade off on allowances for a 5-10%component...I am not aware of a 50%component being successful but I guess we will find out shortly.

Jahn said...

Thanx Pualie, in my limited low income experience I think have heard of these low income set asides. What often happens is the dev'er is allowed to build more market rate units if they agree to no lo set sides.

Also, I think we have to be aware that Bawstin aint Worester.

5-10% sET ASIDE Is SURELY BETTER THAN 50% low income. Problemn is that what Worcester really needs is 100% set asides for market rate units. If anything the middle of the market needs set asides in Worc, given our 14% low income housing factor.

Winn with their 50% low income is, IMNSHO not a winning formula...but hey if its going to be built, better that Winn builds it than Worc Common Grds or Main South CDC and I sare say 50% is a tad more than a so callled set aside

Whaddyya think the odds are that the likes of a Winn would hire any of our non profit low income housing CDC chieftans...........given the paucity/non existence of their constr. experience?

And I still have an unanswered question on all theis gubmint funded low income constr that no one has been able to answer for me. Are these low income projects so called rated jobs/prevailing wage jobs. For whtever reason i always thot they were not. Can anyone help me out here?

Jahn said...

So front & center in todays T&G (3-30) we have the DA's latest conviction rates. Who knows what they're really indicative of....but

a. These were only rates for SUperior court convictions. Whadda about District Court?

b. Wink wink nod nod ...FWIW except for really high profiles cases, the DA only files cases that they know they have goods odds of winning. I.e. the house odds are maybe 8:1 in favor of the house

c. Last paragraph Mr Early says hes about justice and not about win/lose statistics....RIGHT .....yet somehow this piece ends up on the front page of the T&G about once a year......Come on, I was born at knight ... but knot last knight.....geeeeeesh

d. So how's that 4th July murder case of about a decade ago coming along.....then there's the term swift & certain Justice. I am sure Lady Di already has her 4th Julio, 2011 column already penned.

Paulie's Point of View said...

no shite Senor Pedro Jahn that Worcester is not Boston...I am pointing out that mixing it up is being done but that most communities are aware that putting 50% or higher is just creating mansion style ghettos...and I am well aware of the need for quality market rate housing..I am building it in the urban core of our wonderful city:>)

Anonymous said...

08/18/2010 MORTGAGE 46176/144 1,940,000.00

13 unit building on 5 may street