Nearly $4 Million In New Homes Coming To Western New York
Buffalo has had an affordable housing problem for many years. Over that time, several attempts have been made to alleviate those problems, from developing low-to-moderate income apartments to different construction projects to build homes all around the 716.
One of those projects was originally proposed by Western New York's Land Bank, the Buffalo Erie Niagara Land Improvement Corporation (BENLIC), and had set to build around ten new homes on Buffalo's Eastside. Those plans were initially announced in 2022, and people associated with them viewed it as a potential model that could be repeated nationwide.
Now, just two years later, those plans are much closer to becoming a reality.
12 New Homes Are Coming To East Buffalo, New York
According to the Buffalo News, the Adams Street Infill Housing Initiative is officially on, and program managers intend for 12 new single-family homes to be completed in just about a year.
The Land Bank has partnered with Evans Bank and Buccilli Custom Homes to build the 12 houses. The total project cost is $3.7 million based on Buccilli's bid on the RFP and the completed homes are set to put on sale for $237,000 and $265,000 each.
This project is being financed with a $ 2 million construction loan from Evans Bank and a $1.8 million loan from NYSHCR's Affordable Homeownership Opportunity Program.
The average home in Western New York sold for around $271,000 in 2023, according to the Buffalo Niagara Association of Realtors, placing these homes right below the regional average. When completed, each of the homes will sit on a lot at least 40 feet wide and have between 1200-1800 sq/ft of living space with 3-5 bedrooms, 1-3 bathrooms, and at least a 1.5-car concrete garage.
These new houses will go along way to help revitalize a neighborhood that has seen tremendous disinvestment over the years, plus add additional units for people to live.
If Buffalo is going to continue to grow, then we're going to need more housing options for people.
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