Worcester Telegram and Gazette
September 19, 2000
WORCESTER - The house, an 1890 three-decker at 8 Townsend St., is the latest renovation project of Worcester Community Housing Resources Inc., which will show the house to prospective first-time home buyers from 10 a.m. to noon Sunday.
Peter S. Fellenz, executive director, said the WCHR bought the three-decker and an adjacent six-family apartment building at 65 Russell St., last year.
Both buildings were on a single, 5,000-square foot lot at the corner of Townsend and Russell streets. The 65 Russell St. property, Mr. Fellenz said, had been damaged by fire and had been vacant several years.
He said both buildings had been troubled,'' noting that the 65 Russell St., building had been the scene of a fatal shooting.
The Russell Street property was demolished and the ground where it stood now provides lawn and parking space for the remaining Townsend Street three-decker.
The WCHR paid $93,750 for the buildings last year, then spent another $169,000 on renovations. The city paid the cost of demolishing the six-unit apartment building, Mr. Fellenz said.
The asking price is $149,900.
The home will be sold only to a first time home buyer with no more than a moderate income.'' A moderate income, Mr. Fellenz said, is an income no higher than 80 percent of the median family income for the area.
To meet these requirements, a family of four would have to have annual income below $45,000.
The new owners also would have to agree to live in the property and rent the remaining two apartments to families whose incomes were no more than 50 percent of the median family income for the area.
A family of four wishing to rent one of the apartments, Mr. Fellenz said, would have to have incomes around $25,000 or less to qualify as tenants.
The WCHR has about a dozen people who are interested in buying the property and who have made firm offers.
On Sunday the property will be open for other prospective buyers who meet the income guidelines and who have a letter of commitment from a bank or other lending institution showing they have been pre-approved'' for a mortgage.
The restoration was made possible through federal HOME fund grants from the city and state totaling $120,000. Another $40,000 came from the Evangelical Congregational Church of Harvard's loan fund and a cash contribution, Mr. Fellenz said.
The property will be the focus of a public neighborhood housing victory'' celebration beginning at 11:30 a.m. Thursday on the 8 Townsend St., property. The building will be open to the public.
©2000 Worcester Telegram & Gazette
