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Economic Development |
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Homeownership Programs The Main South CDC provides homeownership programs to low/moderate income individuals. The plan aims to help the community revitalize and reclaim their neighborhood through the First-Time Homebuyer, Home Improvement Loan, and Down-payment Assistance Programs. First-Time Homebuyer Program The Main South CDC’s First-Time Homebuyer Program offers individuals with low to moderate income an opportunity to purchase a newly renovated home in the Main South area. All first-time homebuyers who meet the income requirements can apply for:
Home Improvement Loans The Home Improvement Loan Program contributes to the revitalization of the Main South community. This lending program provides homeowners in Main South with financial assistance for home improvements. Qualified homes will be:
Down-Payment Assistance Loans The Main South CDC offers loans for down-payment assistance to individuals who purchase property within the Main South target area. The loan criteria’s are the following:
Neighborhood Revitalization Strategy Area (NRSA) The Beacon Neighborhood Revitalization Strategy Area (NRSA) is a coordinated effort between the City of Worcester and the Main South CDC that aims to visually improve the Main South community. A program funded by the City’s Community Development Block Grant (CDBG) funds, the NRSA provides local home and business owners with access to money for the aesthetic improvement of their properties. The Main South CDC has funds available to implement the NRSA Program in a targeted area referred to as the Beacon NRSA in Census Tract 7313, with a slight overlap into Tract 7317. Stretching along the Main Street Corridor from Gates Street to Madison Street and extending southeast until the Rail Road Tracks intersect with Southbridge Street, the Beacon NRSA designates funds to create housing, remove blight, and provide economic opportunities through technical assistance. Urban ills, which have been disincentives to economic progress, are being tackled through the useful application of these funds. Over the past three years the Main South CDC utilized the NRSA program to assist eleven units in five different affordable housing projects, five storefronts, and one streetscape project with funding for façade improvements. To date the five properties have received NRSA Affordable Housing funds for exterior improvements. On the business front, NRSA funds have aided in the facade improvements of five storefronts along the Main Street corridor. Storefront renovations have been successfully completed at two businesses located at 927 A & B Main Street and three businesses located at 799-803 Main Street. These rehabilitation projects have improved the aesthetics of the Main South community and furthered the goals of the NRSA program by making the neighborhood more inviting. As for streetscape projects, 10 Gardner Street, which was once an eyesore as an illegal dumping ground, has been cleared, landscaped, paved and fenced in for future housing development. Small Business Loans We offer business loans to persons unable to access loans from banks. Repaying these loans will help you to establish your business credit. If you are an entrepreneur, the CDC will work with you to prepare a business plan as a part of the process. The program offers:
Technical Assistance The CDC assists self-employed persons in the Main South target area. By providing technical support, the CDC helps individuals obtain financial assistance through banking institutions. We offer:
VITA Program The Earned Income Tax Credit (EITC) is a refundable federal income tax credit for low-income working individuals and families. The EITC is inversely proportional to income earned, meaning the less a worker earns, the more money he/she receives through credit. About 20% of Worcester families live below poverty level; about 40% of residents are EITC eligible. By establishing assistance sites within local community agencies, EITC has become an effective tool that can lift residents out of poverty. For the first time, the Main South CDC contributed a site and volunteers to participate in VITA, the free Volunteer Income Tax Assistance program. The VITA program offers free tax help to low- to moderate- income workers who cannot prepare their own tax returns. Certified volunteers receive training through VITA to help prepare basic tax returns in communities across the country. The Main South CDC sponsored certified volunteers Ryan Smalls, Professor Carol Murphy and students from Quinsigamond Community College. These volunteers provided a reliable, professional service to taxpayers. The Main South CDC far exceeded expectations for a first year site by processing 235 federal income tax returns, which was 28% of the total annual coalition productivity. Through this program almost $ 193,000 in payments where returned to Worcester low-income working families and saved said taxpayers almost $40,000 in preparation fees. Finally, upon filing their tax return, each taxpayer was eligible for a Stimulus Payment of $300 to $600 per household. The success and continual growth of VITA could generate major economic benefits to the Main South community, as recipients of this service often spend their tax refunds locally, stimulating the local economy.
Workforce Development Training Center The Workforce Development Training Center is located on the second floor of the Main South CDC's Center for Community Revitalization. The purpose of the Center is to improve the Main South community's economic capacity by utilizing strategies that increase employment and income, provide greater access to capital, and increase public services to local residents and businesses. Programs offered by the Center include:
------------------------------------------------------------------ Employment and Unemployment According to the 2000 United States Census: Census Tract #7312.01: May Street to Railroad Tracks (Parallel to Cambridge Street) to Mill Street to Park Avenue Total Population 16 and over: 5,968
Census Tract # 7313 Crystal Street to Main Street to Hermon Street to Cambridge Street Total Population 16 and over: 2,605
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