FY 96 Homeownership Zone
Buffalo, New York
AMOUNT OF AWARD:
Homeownership Zone Grant — $3,480,331
Section 108 Loan — $7,675,000
NEW HOMEOWNER UNITS:
218 (218 new construction)
PROPOSED COMPLETION:
December 2008
HOMEOWNERSHIP ZONE SITE:
The Willert Park Homeownership Zone (HOZ) is a 70 square block area located in the middle of Buffalo, just to the east of the central business district. It is bounded by Cherry Street on the north, Adams Street on the east, Seneca Street on the south, and Michigan Avenue on the west. The Homeownership Zone is a former urban renewal site. At the time of the Homeownership designation, 42 percent of the area consisted of vacant, abandoned, or underutilized properties. The area ranked at the bottom of nearly all indicators of socio-economic stability.
PROGRAM DESCRIPTION:
Buffalo encountered a number of problems that prevented the implementation of the City's original Homeownership Zone proposal. The original proposal called for the development of 344 units of new homeownership housing located in various concentrated subtarget areas throughout the Zone area. The development was designed to stabilize the area, support 227 units of recently completed Nehemiah homeownership housing and reclaim the Buffalo Forge Brownfield site. The City's plan also called for the renovation of two City parks as a community focal point. The City has revised and scaled back its Homeownership Zone strategy. The City is making progress in implementing its revised "restart plan". The restart plan focuses on three target areas, and scattered infill housing. The Brownfield site has been reclaimed for housing.
FUNDING:
Type |
Amount |
Homeownership Zone Grant | $3,480,331 |
Section 108 Loan | $7,675,000 |
HOME/ADDI Funds |
Federal Home Loan Bank Grant |
City of Buffalo Land Contribution |
Private lenders |
PARTNERS:
Name |
Role |
New Opportunities CDC | Community Development Organization |
M&T Bank | Lender |
Federal Home Loan Bank | Lender |
HomeFront, Inc. | Homebuyer Counseling |
PROJECT OUTCOMES:
Underway
INNOVATIONS:
Underway
BEST PRACTICES:
Underway
LESSONS LEARNED:
Underway
AWARDS AND RECOGNITIONS:
- The JFK Park "Friendship Circle" design won an award for its colorful, innovative brick design featuring a world friendship theme.
Additional Information