Worcester Business Journal

12 Worcester Business Journal | May 24, 2021 | wbjournal.com M E M B E R F D I C | M E M B E R D I F SUPPORTING WITH big dreams. small businesses At Country Bank, we treat our small business customers like a big deal, because they are. They're the foundation of our communities, making it all the more important that we support them now through these uncertain times. Our Customer Care Center is here to help answer your questions, provide resources, and connect you with our experienced lending team. You can reach out to us at 800-322-8233, or visit countrybank.com/business-resources for more information. We're here for you with arms wide open (figuratively, of course). 2 7 8 P A R K A V E , 3 1 5 M A I N S T R E E T , W O R C E S T E R P U B L I C M A R K E T I N T E R A C T I V E A T M In Fitchburg, city officials are working with NewVue and the Mass. Department of Housing and Community Develop- ment in a pilot program called Liabilities to Assets to redevelop blighted homes vacant for at least three years. e homes are sold at affordable prices to those who agree to live there for at least seven years. Other efforts have included creating a downtown district under the state's Housing Development Incentive Pro- gram to incentivize market-rate housing. e first such housing under that initia- tive, a seven-unit project a block north of Main Street, is set for completion in June. In Worcester, the city administration launched in 2019 an initiative called Worcester Housing Now aimed at help- ing homeowners and builders preserve old housing, which requires more regular upkeep. Triple-deckers, which line so many neighborhoods, were highlighted as key to maintaining housing supply. Worcester is looking to help bring longer-term sustainability to city neigh- borhoods, said Jim Brooks, Worcester's housing development director. One resource is rehabilitation funding for owner-occupied homes with two to four units. Much of Worcester's multifamily housing is no longer owned by someone who lives on-site, Brooks said. "Owner-occupied homes can have a lot more buy-in and a lot more pride than renters, who can be more transient," Brooks said. Old housing stock can be an imped- iment to would-be homebuyers getting approval for aid, Murphy said. e Federal Housing Administra- tion's homebuying loan has a housing code-compliance clause, meaning a household might not get approved for a Continued from Page 11 Worst neighborhhoods in Central Mass. for mortgage approvals Some of the poorest neighorhoods in Worcester County suffer from lower success rates in mortgage applicants being approved by a lender, creating a hurdle in neighborhood improvement efforts. Fitchburg DowntownFitchburg $17,292 26% Worcester Canal District $27,895 20% Worcester West Vernon Hill $43,348 19% Leominster North/East Leominster N/A 19% Auburn West Auburn $79,500 18% Worcester Grove Street and Indian Pond $47,733 18% Webster Downtown Webster $37,093 18% Boylston Boylston $97,074 18% Worcester Downtown Worcester $26,208 17% Webster East of downtown Webster $36,927 17% Leicester East Leicester $95,098 17% Worcester East Vernon Hill $29,875 17% Millbury South and west Millbury $79,755 17% Royalston, Winchendon Royalston, west Winchendon $77,683 17% Worcester Lower Lincoln Street $31,862 17% Worcester Grafton Hill N/A 17% Lancaster Entire town $104,331 16% Sutton Entire town N/A 16% Worcester Shrewsbury Street to Belmont Street $19,984 16% Worcester Highland Street $24,052 16% Note: Mortgage data is from 2019, and household income from 2017. Neighborhoods are a Worcester Business Journal description that best matches with Census tracts' geographies. Source: LendingPatterns (mortgage denial or rejection rates), U.S. Census Bureau (tracts and household income) Neighborhood Annual Percent denied City/town (Census tract) household income or rejected

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