Congressman Brian Higgins (NY-27) announced that the Black-Rock Riverside Neighborhood Housing Services has been awarded a $75,000 grant from the Federal Home Loan Bank of New York (FHLB) to aid renovation efforts at homes in the Black Rock and Riverside neighborhoods in Buffalo, New York.  

“The Federal Home Loan Bank has set an excellent example for how the financial services industry can assist struggling communities, whose residents may not be able to afford traditional home loan products, to rehabilitate and improve their housing stock,” said Congressman Higgins.  “In addition to building safer homes and stronger neighborhoods, this grant supports jobs for the local contractors who work on the projects.” 

Through the New York State Affordable Housing Corporation, the Black-Rock Riverside Neighborhood Housing Services and their sponsoring institution, Greater Buffalo Savings Bank, will assist very low- and low-income families to make necessary repairs to their homes which negatively affect their health, safety and general welfare.  This program will offer ten homeowners the opportunity to bring their homes up to federal Housing Quality Standards and make other repairs that will improve the quality of housing stock that is old and in need of repair. Participants will be required to work closely with the sponsor’s Rehab Specialist during the processes of reviewing the condition of the home, developing the scope of work to be completed, and the completion of repairs. 

“I , along with the staff and board, am very excited to offer this grant program, along with all other services we provide thru NeighborWorks ® America, to rebuild the housing stock in this historic part of our great City,” said Linda Chiarenza Executive Director of Black Rock Riverside NHS

This project will extend the life of the housing as a viable residence for years to come and increase its value, as well as the value of the surrounding homes. It is also expected that the improvements in the neighborhood will promote additional progress by other homeowners.

The Federal Home Loan Bank of New York, a congressional chartered system created during the Great Depression in 1932, is one of several branches of the Federal Home Loan Bank system that lends low-cost funds to financial institutions for home mortgage, small business, and rural and agricultural loans.  Since 1990, through the Affordable Housing Program initiative, the FHLB has set aside 10% of its private earnings to support the creation and preservation of housing for lower income families and individuals.