Major Acquisition of 360 Residential Units in Buffalo Area
Investment for Community Revitalization
The acquisition of Towne Gardens marks a significant step toward revitalizing a neighborhood and encouraging further investments in the community. BFC Partners and The NHP Foundation, in collaboration with St. John Fruit Belt CDC, have secured the purchase of 360 residential units, highlighting the commitment to providing quality, affordable housing for families in need. This initiative comes as part of a broader effort to enhance the living standards and quality of life for residents in the area.
Acquisition Details
The property known as Towne Gardens, situated at 440 Clinton Street, has been acquired from the Federal National Mortgage Association (Fannie Mae) for an impressive total of $21,700,000. With a total development cost forecasted to reach $120,000,000, stakeholders are dedicated to revitalizing this substantial project-based Section 8 community. The planned renovations and enhancements promise to breathe new life into the residential units, ensuring they meet high living standards.
Community Commitment
Local leaders are strongly supporting this initiative. The Mayor of Buffalo is particularly excited about the impact this development will have on community stability and accessibility. He noted, "Ensuring access to quality, affordable housing is a priority for my administration, and this investment will preserve necessary housing for hundreds of families while fortifying community stability."
Building on Previous Success
This recent acquisition follows BFC Partners’ successful venture into neighborhood development through the adjacent Towne Gardens retail plaza. Completed for $1.35 million, this plaza sets the stage for creating a mixed-income housing ecosystem, driving economic growth and community engagement.
Financial Commitment to the Project
BFC Partners has committed to investing an immediate $2 million for urgent repairs. As part of an extensive rehabilitation strategy rolling out over the next year, this effort is expected to serve as a catalyst for additional investments in East Buffalo. The proactive approach will address existing needs while laying the foundation for future enhancements.
Partnerships for Progress
The collaborative efforts of BFC Partners, NHP Foundation, and St. John Fruit Belt CDC showcase a strong community-focused network. NHPF Vice President, Tim Pryor, expressed the organization’s commitment to affordable housing, stating, "By collaborating with like-minded organizations, we ensure communities have access to stable, high-quality affordable housing for generations to come. We are proud to partner in acquiring Towne Gardens to preserve essential housing options in the area."
A Legacy of Community Service
St. John Fruit Belt CDC, represented by Pastor Michael Chapman, emphasizes their ongoing dedication to community development. Their recent rehabilitation efforts at McCarley Gardens, costing about $57 million, reflects their commitment to enhancing community resources and living conditions. With a history of 98 years in community development, their mission aligns closely with the goals of improving residential standards in East Buffalo.
About BFC Partners
BFC Partners is known for its work in real estate development focused on community-first solutions. Established in 1984, the firm excels in creating affordable housing, and its projects are instrumental in enhancing neighborhood dynamics while addressing social needs.
About The NHP Foundation
The NHP Foundation has been an influential force in the affordable housing landscape since 1989, owning and managing over 54 properties. Their mission combines investment in housing with comprehensive resident services, showcasing a commitment to community well-being.
About St. John Fruit Belt CDC
This faith-based organization has launched innovative redevelopment projects specifically for African American communities. Their ambitious $1 billion investment in the region aims to transform lives through housing, economic development, and community support.
Frequently Asked Questions
What is the significance of the Towne Gardens acquisition?
The acquisition aims to revitalize the East Buffalo area, providing affordable housing and stimulating further community investments.
Who are the key partners involved in this initiative?
BFC Partners, The NHP Foundation, and St. John Fruit Belt CDC are the primary organizations collaborating on this acquisition and development.
What are the expected costs associated with the project?
The total development cost for the revitalization of Towne Gardens is projected to be around $120 million.
What immediate actions are being taken post-acquisition?
BFC Partners plans to invest $2 million for immediate repairs and commence a larger rehabilitation project within the next year.
How does this project impact the local community?
The project is expected to enhance living conditions, provide stable housing, and foster a more engaged community through improved facilities and services.
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