Applications are now available for round three of the $40 million Better Buffalo Fund. The Better Buffalo Fund is a vital component of the Buffalo Billion initiative, and is dedicated to projects that revitalize neighborhood commercial districts and encourage density and growth along transportation corridors.
"Investments made through the Better Buffalo Fund support the revitalization of blighted or forgotten neighborhoods, improve commuter access to Buffalo transit stops and walkable areas, and help support the continued resurgence of this great city," Governor Cuomo said. "I'm proud to offer this third round of funding to help ensure this unprecedented progress continues and that Western New York remains a region on the move."
"Through the Better Buffalo Fund, Governor Cuomo is providing the building blocks for a more vibrant city by jump-starting the rebirth of our neighborhoods and business corridors," said Lieutenant Governor Hochul. "The City of Buffalo is at the center of New York State's efforts to lift up and rebuild the upstate economy. Demonstrated by its past success, I'm confident the third round of the Better Buffalo Fund will generate a fresh round of projects that will continue to fuel an already impressive transformation."
The launch of Round Three builds on funding awarded through Round Two of the Better Buffalo Fund, which included a total of $9,130,042 awarded to 14 projects. These projects are renovating more than 250 residential units and more than 140,000 square-feet of store front and commercial space, while also leveraging over $131.4 million in private investment.
Applicants for the third round may seek funding for one of two initiatives: Transit Oriented Development or Buffalo Main Streets.
Investing in transit oriented development will help connect residents and visitors in activity hubs throughout Buffalo and build the city's reputation as a vibrant, thriving city. It will also support modern amenities and infrastructure, well-designed and friendly neighborhoods, and a wide array of assets which are accessible to all residents.
Up to $2 million in gap financing, loan or grant, is available for projects that encourage the use of multi-modal transportation and stimulate pedestrian activity though retail and neighborhood-oriented businesses and services, quality public space, and accessible walkways. The target region for this development is within ¼ mile walking distance of Buffalo transit stops on Bailey Avenue, Grant Street, Main Street, Niagara Street, Utica Street and Fillmore Avenue corridors.
The Buffalo Main Streets Initiative includes renovating buildings and enhancing public space. Both os which are crucial to successfully revitalizing historic business districts and mixed-use neighborhoods in and around downtown Buffalo.
Grants ranging from $50,000 to $500,000 are available for non-profit and neighborhood business associations in the City of Buffalo that will renovate some of the most promising spaces in the downtown area. The Buffalo Main Streets Initiative is targeting Allentown, Bailey, Broadway/Fillmore, Chippewa Street, East Delavan, Elmwood Village, Fillmore/MLK, Grant/Amherst, Grant/Ferry, Hertel, Jefferson Avenue, Kaisertown, Lovejoy, Lower Niagara/Lakeview, Main Street, Seneca-Caz, South Park, Tonawanda/Ontario, Upper Niagara Street and Connecticut Street corridors.
Applications are due February 1, 2018 at 4 p.m.