Recent news by the Lowell Sun of the UMass purchase of Perkins Lofts and how it has upset the city manager of Lowell.
Over the next year as leases expire UMass will not be renewing leases of approximately 200 families residing at Perkins Lofts. Perkins Lofts were completed around 2010 as rental units.
What has the City manager upset is 3 fold.
First is the displacement of 200 families in an already tight Lowell MA Real Estate market. Lowell real estate inventory is way down and is concerning the city manager about where these families will go.
Secondly, UMass is a non-profit and therefore exempt from paying property tax. The UMass purchase of Perkins Loft and some surrounding real estate, will reduce collected property taxes by more than $300,000 a year.
Lastly, the lack of communication on UMass with the city about the purchase. The college gave the city no notice allowing them to readjust budgets and help with the displacement of city residents losing their housing.
The growth of the UMass student population has been exceeding available housing. UMass is trying to keep the balance of commuting students to living on campus at about 50%.
The big question raised here is should the city be upset by the UMass purchase of Perkins Lofts? Sure there is lost revenues but how much does UMass bring into the city every year…. millions? You have students living in properties already paying property tax, students coming into the city everyday for school and spending money in local business, etc….
Read the Lowell Sun Article on the UMass Purchase of Perkins Lofts
By Grant Welker, email@example.com Updated: 06/04/2016 08:50:50 AM EDT LOWELL — UMass Lowell is buying the Perkins Park residential development at the edge of its east campus for $61.5 million and converting it into university housing — a transaction that is further fraying relations with city officials.