Doing business in Worcester and want to expand into additional opportunities? Considering Worcester as a location to invest? Think there are lots of opportunities in the city? You’re right!
Paul Morano is the Director of Business Assistance with the Executive Office of Economic Development for the City of Worcester. There are new tax credits, new local tax relief, grants and financial assistance programs available to businesses in Worcester, and some of them are just the ticket for real estate investors and developers.
Did you know the city may be able to:
- NEW PROGRAM! Help provide state tax credits and local tax relief for redevelopment of buildings into market rate housing where your rehab budget is at least $30K per unit?
- Provide new initiatives for owner occupied properties in the Union Hill neighborhood?
Help you fill your mixed use property with commercial tenants?
- Give you a grant to spruce up your building at no cost to you?
- (That’s a GRANT, not a loan!)
- Help your commercial tenant afford to rent your space?
- Get you financial assistance for contaminated sites?
- Help you with commercial tax relief for redevelopment or new construction?
- Work with you on a HUD loan guarantee to for larger commercial projects?
- Identify target properties that the city wants cleaned up?
Paul will provide updates on the Theatre district and City Square projects. He will outline the role of the Business Assistance Office in helping investors and developers by promoting a business friendly environment conducive to business growth and success. They administer programs that you can take advantage of as real estate redevelopers and he can also refer you to programs that you didn’t know existed!