Go Venture Capital Group presented Sept. 30 to request Affordable Housing Trust Fund assistance for renovation of a city‑owned single‑family property at 26 Clarity Drive, to be sold to a first‑time buyer with an 80% AMI affordability restriction.

Hal Reeder, presenting for the developer, described the house as vacant and in disrepair — water damage, potential asbestos and mold — and said the plan is a full gut‑rehab with new systems and finishes. “From now and probably till the end of the year is the time period that we would look to finalize and close with the city of Worcester, to start construction,” Reeder said, adding the team expects to start construction in Q1 of next year.

Reeder said the buyer must be a first‑time homebuyer (no ownership in last three years) and earn no more than 80% of AMI; based on comparable sales with that restriction he estimated a likely sale price in the $300,000–$320,000 range and noted the Worcester median sale price is roughly $450,000. The Trust Fund award would help offset renovation costs to make the project viable for an affordable resale.

Trustees questioned soft costs (marketing, permitting, interest) and sale price assumptions; Reeder explained interest is tied to construction debt during the build period and that marketing costs cover income certification and outreach tied to the Trust Fund’s requirements for first‑time buyer selection and affirmative fair housing marketing.

The board will score the application and consider it in the Oct. 22 review meeting.