Posted on July 17, 2013
WORCESTER, July 17, 2013 --- Despite the mid-90s afternoon heat, a lot of people were more than happy to gather outside at a playground in the city's Piedmont neighborhood recently to celebrate Worcester Common Ground's revitalization of six rundown properties into 20 affordable rental homes. The happiest of them all was Lisa Stewart.
A mother of two who returned to Worcester two years ago to take care of her disabled father, Stewart is preparing to move into a three-bedroom handicapped accessible first-floor apartment in a three-family home that was boarded up as recently as two years ago. "This is kind of like a miracle," said Stewart, who works in member services at the Worcester YMCA.
Stewart said she had found it difficult to find a handicapped accessible apartment in the city, which she needed because her father is disabled from two strokes. She said her only option prior to Piedmont Street was a three-bedroom apartment with doorways too small for a wheelchair.
Now, Lisa and her children --- college student Leah and junior high school teacher Lance --- can picture taking care of Lisa's father Curtis in a home with wheelchair ramps, wide doorways, an accessible bath and automatic doors which will allow their father to go outside and get some air on his own. "This place is just beautiful," said Lisa Stewart.
That wasn't always the case. The rundown three-family home is one of six properties Worcester Common Ground (WCG) acquired between 2006 and 2010 in its ongoing efforts to stabilize and revitalize the Piedmont neighborhood just west of downtown between Chandler and Pleasant Street.
The properties --- located among many other WCG homeownership and rental properties --- were bundled as a scattered site rental development project called Austin Corridor II. It was financed primarily with federal low-income housing tax credits awarded by the state Department of Housing and Community Development (DHCD).
"This is an example of why we need to continue to support community-based organizations like Worcester Common Ground," said Aaron Gornstein, the state's Undersecretary for Housing.
The Massachusetts Housing Partnership --- a longtime supporter of WCG's efforts --- used its bank-funded loan pool to provide $794,000 in fixed-rate permanent financing. MHP has now provided WCG with over $4 million in first and second mortgage loans for the financing of 52 affordable homes, all in the Piedmont neighborhood.
In praising WCG, MHP Executive Director Clark Ziegler cited an upcoming MHP analysis of certain Gateway City census tracts that have been hard hit by foreclosures and have subsequently received measurable amounts of neighborhood stabilization funding through programs like municipal receiverships, federal stimulus funds and the SoftSecond Loan Program for first-time homebuyers.
MHP found that Worcester census tract 7315 --- part of WCG's target area and where five of the six Austin Corridor properties were located --- received targeted funding to stabilize 3.3 percent of its 2100 housing units and saw a 77 percent decrease in property distress from April 2011 to April 2013.
"We finance affordable rental housing all over the state and I can honestly say that what you have going here is one of the best examples we have of what can happen when a strong community-based organization like Worcester Common Ground works together with its neighbors, the city and the state," said Ziegler.
Austin Corridor II received an additional $1.3 million from DHCD's Housing Stabilization Fund and Community Based Housing Program, which provides funds to create handicapped accessible units. The development also received $825,000 from the state's Affordable Housing Trust Fund (administered by MassHousing) and $1 million in federal HOME Funds awarded by the City of Worcester. The Massachusetts Housing Investment Corp. was the tax-credit syndicator.
The event, held on July 16, was moderated by Yvette Lavigne, longtime development director who has just been named WCG's new executive director. Also speaking at the event were City Councilor Sarai Rivera, state Senator Harriette Chandler, City of Worcester Chief Development Officer Tim McGourthy and Bruce Ehrlich, senior investment officer at MHIC.
For more information about Austin Corridor II and MHP's financing programs, contact Senior Loan Officer Amanda Roe at 617-330-9944 x273 or aroe@mhp.net