Mortgage Lending Committee May 21, 2019

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Presentation transcript:

Mortgage Lending Committee May 21, 2019

Current Housing Initiatives in Worcester Worcester CDC Initiative: CEDAC/MHP/Clark/CDCs Coalition for a Healthy Greater Worcester: CHIP/CHA Chamber of Commerce: Worcester Housing Market Analysis: Smart Growth Economics: Mahesh Ramachandran Complete by August 2019 City of Worcester: Impediments to Fair Housing: HUD 5-yr plan (w/CMRPC) Employee Down Payment Initiative Worcester Multifamily Design and Rehab Guide Union Hill Revitalization Initiative (2015) Yes for a Better Worcester Coalition: CPA Worcester Interfaith: Affordable Housing Coalition Refugee Housing Study: Clark/Ascentria/City What are the goals for Worcester? Worcester Courthouse Wellington Community 20-24 Merrick Street 1 Kilby Street Affordable Housing Investment in Worcester

2015-2021 SIGNIFICANT HOUSING PROJECTS Total investment 2015-2019: $325 million in 1,742 units Pipeline through 2020-2021: $153 million in 890 units PIEDMONT MAIN SOUTH PLEASANT ST DOWNTOWN CANAL VERNON HILL OAK HILL BELL HILL ELM PARK SHREWSBURY ST Affordable Units Market Rate Units Total Units Total Dev. Costs (millions) CDC 225 $54 mil Other NP 351 14 365 $83 mil Private/ Profit 643 1,399 2,042 $341 mil Grand Total 1,219 1,413 2,632 $478 mil Distribution 46% 54% Data not available for all projects

2015-2021 SIGNIFICANT HOUSING PROJECTS 84% of the affordable housing units are rehab investment in the neighborhoods 97% of the market rate units are new or adaptive reuse in Downtown and Canal District PIEDMONT MAIN SOUTH PLEASANT ST DOWNTOWN CANAL VERNON HILL OAK HILL BELL HILL ELM PARK SHREWSBURY ST Project Type 2015-2021: Housing / Mixed Use Affordable Units Market Rate Units Total Units Rehab 1,023 42 1,065 New 65 510 575 Adaptive Reuse 131 861 1065 Total 1,219 1,413 2,632

Worcester Geography Main South CDC Worcester Common Ground http://maps.massgis.state.ma.us/map_ol/ej.php Worcester Common Ground Oak Hill CDC Worcester East Side CDC (est.) Main South CDC New Americans CDC Worcester Community Housing Resources (regional)