First and most importantly, I would like to thank CDAC, committee that reviews the applications, for their time and service. They work hard and pick the winners without prejudice.
My points are (if you want to see the sheets, check out post yesterday ):
- Only $616,728 of the total $4,136,520 was available for “public services”, 15% of the total.
- In the “non-public” service” awards, there is $362,798 for debt service of the Kilby Garder Hammond HUD loan the City of Worcester guaranteed.
- Will there be any “public services” money available in the two years we have balloon payments on the Kilby Gardner Hammond loan (2018-1,870,000 and 2024-1,270,000).
- How can an agency that has left the City with this HUD loan to pay and maybe owe the City of Worcester HUD HOME funds according to a recent audit be an eligible applicant?
If we did not have this $362,798 debt service payment, the total for “public services” would have increased to $1,075,526 versus $616,728. As a result, we could have then been able to fund the “public service” applicants at a 79% rate versus 49%.
Although I am disappointed that the Chandler Street Business Association was not funded, I do not blame CDAC. Past bad decisions did not leave them with enough money, only 15% of the total amount of the funds from HUD. In 2014 and 2018, I only wonder if there will be a need for CDAC to convene, when there can conceivably be no money for “public services” available.