Better Buffalo Fund
The Better Buffalo Fund aims to create vibrant, mixed-use, high-density neighborhoods. It is focused on supporting projects that encourage density and growth along transportation corridors and revitalize neighborhood commercial districts. It offers grants and revolving loan funds through two initiatives - Transit Oriented Development and Buffalo Main Streets. New York State has committed $40 million to the Better Buffalo Fund, via $30 million in Buffalo Billion I and $10 million in Buffalo Billion II.
On March 20, 2020, New York State announced 10 projects received awards totaling $5.89 million through the fourth round of the Better Buffalo Fund. The program, launched in 2014, supports projects that encourage density and growth along transportation corridors and revitalize neighborhood commercial districts. The latest round of funding will help complete the renovation of 129 residential units and more than 183,078 square feet of storefront and commercial space, while leveraging more than $52 million in private investment.
Transit-Oriented Development Awarded Projects
Four Transit-Oriented Development awards totaling $3,616,000 in loans.
- La Plaza de Virginia - $1,866,000 loan
- Musical Suites - $500,000 loan
- The Monroe - $750,000 loan
- Olympic Avenue Housing - $500,000 loan
Buffalo Main Streets Initiative Awarded Projects
Six Main Streets awards totaling $2,275,000 in grants.
- Broadway Pratt Gateway Neighborhood Alliance - $400,000 grant
- Development for Delavan - $350,000 grant
- Historic Allentown Building Improvements - $500,000 grant
- Buffalo Place Main Street Revitalization - $300,000 grant
- Seneca Street Project Phase III - $350,000 grant
- Upper Niagara Street Black Rock Phase 2 Buffalo - $375,000 grant
For Round 4, the geography for the Fund was extended to include Broadway (between Cedar and Mortimer streets) and Main Street (between Mohawk and Seneca streets). See a map here.
Through four rounds of the program, the Better Buffalo Fund has awarded more than $31.9 million to 51 projects. These projects are renovating more than 554 residential units and more than 514,200 square feet of store front and commercial space, while also leveraging more than $253 million in private investment in the City of Buffalo. See map here.
Applications for Round 4 were due on November 8, 2019. Applications for the Better Buffalo Fund are now closed.
The Better Buffalo Fund is the primary vehicle under the Buffalo Billion to foster the transformation of the City of Buffalo’s physical environment by improving transportation and revitalizing neighborhoods. With the tremendous expected economic and job growth facilitated through Buffalo Billion initiatives—now numbering thousands of new jobs—the Better Buffalo Fund will ensure people are connected to those jobs.