MassDevelopment Issues $28M Bond to Renovate Worcester’s Washington Heights

Wednesday, May 18, 2016

GoLocalWorcester Business Team

MassDevelopment has issued a $28 million tax-exempt bond on behalf of Washington Heights housing. The housing complex has been often a crime ridden area. In 2014, three bodies were found on site and in 2015 a body was found in a burning car.

The organization is using bond proceeds to buy and renovate Washington Heights -- a 404-unit multi-family housing apartment complex. Renovations include bathrooms, kitchens, fire alarm and electrical upgrades as well as new air conditioning units, HVAC equipment and a security system.

This project will preserve Washington Heights as a much needed affordable housing for the next 30 years.

“Prioritizing affordable housing is crucial for families in the Worcester community. MassDevelopment is pleased to help Related Companies as the developer preserves and upgrades these units at Washington Heights,” said MassDevelopment President and CEO Marty Jones.

Washington Heights has 366 units affordable to households earning no more than 60 percent of the area median income, 36 units affordable to households earning no more than 95 percent of the area median income and two market rate units.

The property is 21 acres and is made up of 34 three story garden style buildings with 196 one bedroom units, 180 two bedroom units, 18 three bedroom units and 10 four bedroom units.It is one of the largest low income housing complexes in Central Massachusetts.

MassDevelopment

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy.

These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.

Related Slideshow: Worcester Neighborhoods with the Highest Housing Costs

How much do Worcester residents spend of their income on housing? Looking specifically at homes with mortgages, the website Rich Blocks, Poor Blocks crunched the most recently available census data to show how much Worcester homeowners pay annually for housing.

Below are the top ten highest housing cost-to-income ratio neighborhoods in Worcester, based on census tracts. Income and costs are annual figures for homes with a mortgage, and are in 2012 inflation-adjusted dollars.

Source: United States Census' 2008-2012 American Community Survey dataset.

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