Belmont Shelter’s New Opportunities Community Housing Development Corp. is building 28 new homes in the near East Side’s Home Ownership Zone. Funded by the U.S. Department of Housing and Urban Development (HUD) and subsidies secured through HSBC Bank from the Federal Home Loan Bank of New York’s Affordable Housing Program, the properties are being developed by a partnership teaming non-profit New Opportunities and the Buffalo Urban Renewal Agency.
Unlike previous scattered-site infill projects, the City has been concentrating the new builds on select blocks. Work on thirteen homes was recently completed on Hickory Street between William and Broadway. Three home designs are available, each with four bedrooms, one and a half-baths, and 1,492 to 1,725 sq.ft. of living space. Most homes are located on forty foot lots, have usable front porches, and are built closer to the street with a bit more architectural detailing than previous infill housing developments.
Work continues on fifteen additional homes on Myrtle Avenue between Cedar and Spring streets (photo below). The homes join 23 other new-builds that have been built on the targeted Seneca/Myrtle/Swan block in recent years. The surrounding neighborhood has seen hundreds of new single-family and townhome residences built, mostly subsidized.
Buyer income must be at or below 80 percent of the area median to be eligible for one of the subsidized homes which have been selling in the $95,000 to $105,000 range (table below). New York State Empire Zone tax benefits relieve nearly all property taxes for up to eight years, increasing the homes’ affordability for low- to moderate-income buyers.
Get connected: Belmont Shelter, 716.884.2358