Acquisition, Rehabilitation & Resale
Belmont has a team of housing rehabilitation and project management specialists who have a proven record of successfully renovating and rebuilding existing single family residences throughout the region. The process begins with the acquisition of distressed properties within targeted communities and is concluded through the resale of the fully rehabilitated structure to an income eligible homebuyer. We are very fortunate to work in partnership with local communities and affiliated non-profit organizations to lend our expertise and experience in this space to advance their broader affordable housing stabilization and expansion strategies. The following are examples of recent successful projects and partnerships:
- Buffalo Promise Neighborhood Initiative: Buffalo Promise Neighborhood is a long-term collaboration between M&T Bank and its community partners to empower schools, students, and families in the 14215 zip code on Buffalo’s Upper East Side. Working in combination with funding from M&T Bank as well as the John R. Oishei Foundation, Belmont had the opportunity to acquire and rehabilitate ten residences throughout the Buffalo Promise Neighborhood. This effort represents a $1.4M investment in the community and has provided a new, safe and sustainable home for ten families. To learn more about the incredible work and collaboration within the Buffalo Promise Neighborhood, please click here: Buffalo Promise Neighborhood.
- City of Buffalo Neighborhood Stabilization Program: This innovative program utilized federal funding through the HUD Neighborhood Stabilization Program in combination with additional funding through the Affordable Housing Corporation to support the acquisition, rehabilitation and resale of neglected residences primarily within the Mid-City Neighborhood Stabilization & Revitalization Area of the City of Buffalo. This effort resulted in the acquisition, complete reconstruction and ultimate resale of five residences to new families through an investment of more than $2M.
- Amherst, Cheektowaga & Tonawanda Consortium: Joining forces to maximize funding, since 1995 the Amherst, Cheektowaga, Tonawanda consortium of towns has contracted for Belmont’s services to preserve existing housing stock in each of these first-ring suburbs. The ongoing purchase, renovation and eventual resale of residences in these communities is made possible through Federal HOME, Community Development Block Grant and Neighborhood Stabilization programs.