The City of Buffalo’s ARP Spending Plan allocates $16.3 million to the advancement of affordable housing throughout the city.
Donor Name: City of Buffalo
State: New York
City: Buffalo
Type of Grant: Grant
Deadline: 11/22/2022
Details:
The intent of these funds is to equitably address housing concerns and affordability in neighborhoods disproportionately impacted by the COVID-19 pandemic. The pandemic exacerbated economic and health impacts in many of Buffalo’s historically under-resourced communities. Through the American Rescue Plan, the Affordable Housing Advancement Fund will be administered with the intention of providing immediate relief to the city’s most vulnerable residents and encouraging development of new affordable housing units in neighborhoods where there is a lack of quality, affordable units or fears of displacement among residents, to address both short-term and long-term housing issues. Financial assistance for affordable housing projects that faced unanticipated economic hardship during the pandemic will also be essential to assist and develop the capacity of small-scale developers. The allocations within the Affordable Housing Advancement Fund reflect feedback gathered from frontline service providers and community stakeholders engaged during the planning process. Scope of Work The City will allocate up to $3 million to assist small developers who have faced financial hardship while working to complete an affordable housing development. This program will award gap funding to eligible affordable housing projects that demonstrate at least 75% of the total project cost is secured through outside funding sources. Eligible projects must have been in the planning stages or have had construction underway as of March 3, 2021. To be considered, projects must be explicit in the prioritization of affordable housing units, demonstrating the total number of affordable units as a count and as a percentage of all units in the projects.
Key Performance Indicators (KPIs)
The following key performance indicators will apply to applicants of the Development Gap Fund and serve as a guide for future applications to the Buffalo Housing Fund.
The organizations selected must demonstrate the ability to:
- Ensure that 100% of new residents occupying the project site have registered primary occupancy at the project address within the City of Buffalo.
- Provide services to residents with household income that does not exceed 300% of the federal poverty level for Buffalo
- Ensure that the new development serves the neighborhoods identified as High Need in the Priority Needs Ranking Map.
- Have secured full funding for the project, with the exception of the requested funds through this application process. An underwriting analysis might be conducted to verify need for requested funding.
- Prioritize housing developments with at least 75% affordable units.
For more information, visit Affordable Housing Advancement Fund.
