Worcester Business Journal

wbjournal.com | November 14, 2022 | Worcester Business Journal 11 e Worcester Housing Authority's next chapter BY TIMOTHY DOYLE WBJ Staff Writer W orcester's largest landlord is stepping up its fight to increase housing stock for not only the city residents most in need, but for all residents who find themselves stretched thin by the region's rising housing costs. And it's bringing in a powerful friend to help. e Worcester Housing Authori- ty, founded in 1949, is no longer just managing its existing properties, which were first built aer World War II. WHA is partnering with at least one developer to expand the number of apartments available to residents, update units for its current tenants, and increase the in- come diversity of its developments and the surrounding neighborhood. "We can assist in the affordable hous- ing crisis by adding more affordable units," WHA CEO Alex Corrales said. "Part of our vision is rather than go out and compete for land out in the city, let's take a look at our current portfolio … ere may be opportunities for us to increase the number of units." Between 2010 and 2020, the population of Worcester grew by 25,000, while 10,000 units of housing were built in the city, according to a report by the Worcester Regional Chamber of Commerce. is increased demand has driven up the price of both renting and owning housing in the city e median annual household income for Greater Worcester renters is $44,826 while the income required to afford a one-bedroom apartment at fair market rent is $46,480, according to the National Low Income Housing Coalition. e median sale price of a single-family home in Worcester rose 10% year-over-year in September, the latest monthly data in a two-year period with double-digit percent price increases, according to Pea- body data firm e Warren Group. WHA sees an opportunity to provide more housing to renters all along the income spectrum, said Corrales. WHA's Booth Apartments, for example, has 44 one-bedroom units on seven acres, which Current units 372 Proposed units 527 Current units, phase 1 90 Proposed units, phase 1 129 Total units managed by WHA 3,000 Number of people on waitlist for public housing in Worcester 6,000 - 8,000 WHA's Curtis Apartment, by the numbers Source: Worcester Housing Authority Alex Corrales, CEO of the Worcester Housing Authority, sees the redevelopment of the 71-year-old Curtis Apartments as the WHA's first effort in helping to alleviate the housing crisis. PHOTO | EDD COTE As the need for housing spikes across the city, the 73-year-old organization is returning to its roots and developing more units at its existing properties Continued on page 12

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