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Worcester trustees approve loan modification for 49 West Street to shift most units to 60% AMI after cost overruns
Summary
The Worcester Municipal Affordable Housing Trust Fund on June 11 authorized a loan modification for the Black Equity Group’s 49 West Street rehabilitation, changing unit restrictions from six units at 30% AMI and one at 60% AMI to one at 30% AMI and six at 60% AMI after developers cited substantial unplanned cost increases and financing delays.
The Worcester Municipal Affordable Housing Trust Fund Board of Trustees authorized a loan modification on June 11 to change unit rental restrictions at the Black Equity Group LLC’s 49 West Street project, shifting the previously agreed mix so that one unit will be restricted at 30% AMI and six units at 60% AMI.
City staff introduced the amendment request and the project team — which included Greg Benoit and other Black Equity Group representatives, a lender representative from WCHR (community development lender), and the project’s consultant — told the board the change was necessary to address unanticipated cost increases and financing constraints that threatened the project’s long‑term viability.
Presenters said the project’s timeline was lengthened by a prolonged lender transition, the addition of a participating bank (Baystate) with…
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