Residents living in the University District of Buffalo have been plagued for years with rowdy college students and absentee landlords, but now the University at Buffalo is offering assistance to that neighborhood.
Friday UB and other partners announced an expansion of its home buying incentive program for faculty and staff.
UB HOME is designed to encourage home ownership around the South Campus in Buffalo. With recent escalated troubles of students disturbances at homes in the neighborhood, this could work to stabilize and revitalize the community.
"We are encouraging UB employees to live in the neighborhood, to really stabilize and revitalize the neighborhood," said Satish Tripathi, President, University at buffalo.
UB has provided a home buying program to employees through the years, but Tripathi explained this is much larger.
"Slightly different and a bigger program now," noted Tripathi. "Probably about 40 to 45 houses supported by the program."
The radius of where the homes are located has also expanded. "It has a slightly broader radius," stated Tripathi.
The larger radius stretches from the edges of Kenmore Avenue to East Amherst, Eggert Road, and Buffalo's east side along E. Amherst Street Bailey Avenue, Bickford Avenue, Winspear Avenue and Kensington Avenue.
The newly expanded program will now mean a $100,000 contribution from the UB Foundation and a matching investment from the West Side Neighborhood Housing Services. The Foundation loan would be forgiven if a homeowner stays in the house for five years.
The following is more information provided by UB on the program:
HOW THE DEFERRED LOAN WORKS:
Each loan is made up of a UBF-funded piece and a West Side NHS funded
piece. The UBF portion will be forgiven if the original homebuyer
remains in the home for a minimum of five continuous years. The West
Side NHS portion is an interest-free, deferred loan that must be repaid
when the home is sold.
Dec. 15, 2015
University at Buffalo
100 Allen Hall, South Campus
Stop by any time between 9 a.m.–11:45 a.m.
or 12:45 p.m.–3.30 p.m. to learn more
about the program, speak to West Side
NHS representatives and loan specialists,
INTERESTED IN APPLYING?
If you have questions or would like to apply
to the UB H.O.M.E. program, contact Pamela
Kwiatkowski (firstname.lastname@example.org) or
Michele Gil (email@example.com) at West Side
NHS: (716) 885-2344