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. The Governor has committed $40 million to the Better Buffalo Fund, via $30 million in Buffalo Billion I and $10 million in Buffalo Billion II.
Governor Andrew M. Cuomo announced on June 22, 2018 a total of 11 projects, including five on the East Side of Buffalo, received funding awards totaling $7,780,930 through Round Three of the Better Buffalo Fund. The fund was established to support projects that encourage density and growth along transportation corridors and revitalize neighborhood commercial districts. This third round of funding will help complete the renovation of 172 residential units and more than 130,795-square-feet of storefront and commercial space, while leveraging over $64.26 million in private investment. In August 2018, Erie Canal Harbor Development Corporation (ECHDC) designated Sinatra & Company as developer of the South Aud Block at Canalside and Sinatra was awarded $2 million through the Better Buffalo Fund at that time.
Transit-Oriented Development Awarded Projects
Seven Transit-Oriented Development awards totaling $8,130,930 in grants and loans.
- 950 Broadway - $2,000,000 loan
- Heritage Point - $2,000,000 grant
- Jefferson Avenue Apartments - $1,902,094 loan
- TOD at 65 Northland - $170,156 grant
- Blackrock Freight House - $750,000 loan
- 72 Sycamore Street - $359,000 grant
- The Kyndall Building- $949,680 loan
Buffalo Main Street Initiative Awarded Projects
Five Main Streets awards totaling $1,650,000 in grants.
- North Buffalo Infill - $500,000 grant
- Vibrant Seneca Street - $300,000 grant
- Grant Street Buffalo Main Streets Initiative - $300,000 grant
- Black Rock Revival - $300,000 grant
- 1235 Hertel Avenue - $250,000 grant
Through three rounds of the program, the Better Buffalo Fund has awarded more than $30 milion to 47 projects. These projects are renovating more than 681 residential units and more than 345,000 square-feet of store front and commercial space, while also leveraging over $308 million in private investment in the City of Buffalo.
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. The applications for Round 4 were due on November 8, 2019. Round 4 awards will be announced in Spring 2020.
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.