The City of Buffalo will be building twenty-six new single family homes in the Masten Park area, announced Mayor Griffin at the recent ground-breaking ceremony at Emerson Place and Masten Avenue.
The project will be developed by the M.J. Peterson Real Estate Corp. and James Management Company, Inc. It will accompany an additional 59 new homes to be developed in the Ellicott District by the same development team.
The Buffalo Urban Renewal Agency approved a $520,000 grant from the New York State Affordable Housing Corporation which will provide new home buyers subsidies totaling $20,000 per dwelling.
An additional $65,000 Federal C.D.B.G. grant was also approved by the Urban Renewal Agency to further assist low income purchasers who wish to buy one of these beautiful new homes.
The Masten Park $1.8 million project will help support the newly constructed Jefferson/Ferry commercial plaza, just a few blocks away and the $1,439,893 renovation of the Historic Emerson Rowhouse project.
The M.J. Peterson Real Estate Corp. and James Management Company, Inc. have completed the development of over 150 new homes in the City of Buffalo. They have a proven track record of providing quality affordable housing, including the nationally recognized Pratt-Willert development.
The two story homes average 1,200 square feet. Various models are available, with 1 or 2 stories, 2 or 3 bedrooms, 1 1/2 baths, living room, kitchen, full basement, driveway and many other options.
Key Mortgage Funding Inc. will provide mortgage financing for home buyers and Key Bank of Western New York N.A. will provide construction financing.
Mayor Griffin stated "this project will support and compliment the major redevelopment initiatives in the Masten Park area which include new residential single-family homes, a new commercial plaza and the allocation of $350,000 for the rehabilitation of existing homes in the area."
The mayor also stated "our city-wide renaissance in the neighborhoods will continue to grow stronger in the new decade."
Joseph V. Schollard, Commissioner of Inspections and Community Revitalization and his staff will administer this project.