Worcester Business Journal

26 Worcester Business Journal | November 17, 2025 | wbjournal.com BY JAMES T. BRETT Special to WBJ H ousing affordability remains one of New En- gland's biggest economic issues. From Worcester's competitive rental market to small towns dealing with aging housing stock, the pressure is widespread. at is why the Renewing Opportunity in the Amer- ican Dream to Housing Act of 2025, the ROAD to Housing Act, is such a vital piece of legislation. With the bipartisan leadership of Senators Tim Scott and Elizabeth Warren, the bill was passed by the Senate with strong support from both sides of the aisle. e bill addresses the crisis from multiple angles: increasing supply, preserving affordable units, em- powering local governments, and encouraging private investment. For New England, where high costs and limited land create unique challenges, this would provide essential tools. One highlight is the $1 billion Innovation Fund, championed by Senator Warren. is program will award competitive, flexible grants to communities expanding housing supply. Municipalities that modernize zoning or adopt creative reforms can use funds to improve infra- structure, build new homes, or upgrade essential systems. e bill enhances the role of private investment. e Community Investment and Prosperity provisions raise the Public Welfare Investment cap for banks from 15% to 20%, giving financial institutions more flexibility to direct funds into affordable housing and community projects. Additional reforms streamline programs and lower costs. Removing the cap on units that can be converted under the Rental Assistance Demonstration program will help maintain affordable housing. Updates to Commu- nity Development Block Grant allocations will encour- age communities to remove barriers such as restrictive zoning. And revisions to the National Environmental Protection Act requirements will cut unnecessary delays in building much-needed housing. Together, these provisions create a pathway to a health- ier housing market. By combining federal leadership with local flexibility and public-private collaboration, the ROAD to Housing Act establishes the conditions for sustainable growth and stronger communities. For New England, this isn't just policy; it's an economic imperative. e region's ability to attract talent, grow busi- nesses, and sustain communities depends on affordable, accessible housing. e New England Council commends Senators Warren and Scott for their bipartisan leadership on this legisla- tion. We are grateful to the Senate for passing the bill and urge the House of Representatives to follow suit. With support from builders, bankers, mayors, and nonprofits, the momentum is here. Now it is time to act. James T. Brett is the president & CEO of e New England Council, an alliance of businesses, nonprofits, and health and educational institutions dedicated to supporting eco- nomic growth and quality of life in New England. Why Mass. needs the ROAD to Housing Act Partnering with our higher education institutions N ew England is known as a center of higher education, with more than 250 colleges and universities, and the Central Massachusetts region hosts a robust 15 institutions. Worcester is the home of seven of those schools, plus the large satellite campus of MCPHS University. While the benefits of being a college town are extensive, town and gown frictions are never far from the surface. A Nov. 4 non-binding ballot question asked Worcester residents if they would like to see a 0.5% tax on private college endowments for a City of Worcester-managed fund to finance needed housing, economic, and community development projects. While it's a nice idea on the surface, the proposal is a completely impractical non-starter. e five private colleges in Worcester would be taxed for a total of $12 million annually, based on the proposed formula and the endowment balances for each school as of the end of their most recent fiscal years. e College of the Holy Cross would be the largest contributor at $5.55 million annually, followed by Worcester Polytechnic Institute at $3.41 million, Clark University at $2.43 million, Assumption University at $540,000, and MCPHS University at $310,000. However, the impetus of the initiative was the purchases of private properties by several of the schools, which is a different issue, and the one the City and the schools should be focusing on. Worcester has already negotiated a compromise agreement with WPI on its purchase of two hotels, Holy Cross remains in the midst of its planning regarding the former Rotman's property across from the school, and Clark as well as MCPHS have purchased properties. Negotiating how those properties are used in part for the public good, and arranging some kind of payment-in-lieu-of-taxation deal based on the previous valuation makes sense. Stepping back from the numbers, Worcester's colleges and universities make a huge difference in the economy and culture of the region and the city. Clark University, for instance, has a long history of being an essential partner in developing and investing in the neighborhoods surrounding its campus, and all the schools give back in material ways to strengthen the community. Worcester's urban revitalization, in turn, has been a positive recruitment tool for the colleges. With many higher ed institutions struggling in a time of reduced college-aged high school grads, now is no time to impose a fee or new tax on the schools. Finding a way to forge new partnerships to create a win-win scenario for the colleges and the community holds great promise. However, that will require open negotiation and compromise, not confrontation. The Worcester Business Journal welcomes letters to the editor and commentary submissions. Please send submissions to Brad Kane, editor, at bkane@wbjournal.com. James T. Brett W W

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