BUFFALO, N.Y. — The Eckhardts building in East Buffalo will soon be converted into affordable housing.
New York Governor Kathy Hochul was in Buffalo Monday to announce the $13.5 million dollar project by by Cedarland Development LLC.
The building will renovate and convert a 50,000 square foot, vacant building at 950 Broadway into 28 affordable housing units and a free Head Start child education program.
“We are embarking on a new beginning for this long-vacant, prominent structure in East Buffalo,” Governor Hochul said. “Once a blight on the Broadway-Fillmore neighborhood, the historic building will now be an anchor and catalyst for economic development. Homes will be made here, and we look forward to welcoming new neighbors to this Buffalo community.”
The building, which is located at Broadway and Fillmore, will consist of 1 and 2- bedroom units on the second and third floor of the building. The Community Action Organization of WNY will occupy the entire first floor.
"The Eckhardts building in Buffalo’s historic Broadway/Fillmore neighborhood is experiencing new life after decades of disuse, returning to its role as a centerpiece for the area in its new role as a home to 28 affordable housing units and a free Head Start child education program. This is a terrific reuse of the building and a smart way to help families and individuals access affordable housing that is near to other amenities and close to downtown. I thank Cederland Development for investing in the Broadway/Fillmore neighborhood, Governor Hochul for her focus on expanding affordable housing in our community, as well as my fellow board members at the Erie County Industrial Development Agency for approving a significant adaptive reuse tax incentive package to spur this important development forward," said Erie County Executive Mark Poloncarz.
City of Buffalo Mayor Byron W. Brown added, “I am pleased to see all the new developments coming to the Broadway area of East Buffalo between Fillmore and Broadway. The Eckhardts affordable housing complex will add an additional 28 affordable units to this area. My administration is proud to have contributed over $400,000 to this project. Less than a month ago we opened the Apartments at Lyceum in this area featuring 42 affordable housing units. The Eckhardts affordable housing complex will add to that. I thank Governor Hochul for working closely with My Administration to significantly improve this area.”
New York State provided Cederland a loan valued at $900,000 and a grant valued at $1.1 million from the Empire State Development's Better Buffalo Fund. The project was also receives a $427,150 grant for the buildout of the daycare center. New York State Homes and Community Renewal (HCR) provided $2.1 million in construction and permanent financing toward the affordable housing part of the project. In addition, the Community Preservation Corporation (CPC) issued a $7.8 million construction loan, as well as a $3.2 million State Of New York Mortgage Agency (SONYMA)-insured permanent loan financed through its partnership with the New York State Common Retirement Fund. The project also received a historic tax credit of over $2.9 million.
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