St. John Fruitbelt Community Development Corp.
Ground was broken in November for a 28 unit townhouse development in Buffalo’s Fruitbelt neighborhood. The 3 and 4 bedroom family rentals received an allocation of Low Income Housing Credits from the State of New York. LISC subsidiary National Equity Fund is the project investor, having agreed to provide approximately $ 5 million in equity funding. Construction financing is being provided by M&T Bank.
The new homes are sponsored by St. John Baptist Church, and will be the largest new housing development in the Fruitbelt in many years. Not only will this investment give families a new great place to live, it will also further downtown housing opportunities in keeping with both the Queen City Hub Plan and the master plan of the adjacent Buffalo-Niagara Medical Campus.
From an April 2006 Business First article we learn...
"We are using the same formula that we're using in the Fruit Belt already in other parts," Wanamaker said. "That formula initiative in the Fruit Belt is almost exactly what you see in the Cold Springs neighborhood, where you have a faith-based community development corporation."The design here is a huge step forward for the City's East side. Would like to know what the costs are compared to vinyl. First saw this development in January - right here.
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