#United States #Buffalo #BFC Partners #Towne Gardens #Buffalo Black Billion

Towne Gardens Transformation in East Buffalo

After years marked by mismanagement and unsafe living conditions, East Buffalo's Towne Gardens Apartments are about to undergo a significant transformation with a groundbreaking investment of $126 million. This complex, made up of 360 Section 8 housing units, will see a complete renovation aimed at restoring dignity and safety for its residents.

A New Ownership Era

In March 2025, BFC Partners, alongside Buffalo's Black Billion and St. John Fruit Belt CDC, completed the acquisition of the troubled apartment complex. With the recent closure of financing, the revitalization process is set to begin, ushering in a new chapter for this long-neglected community.

The funding includes a substantial $38.7 million subsidy from the New York State Homes and Community Renewal (HCR), alongside the allocation of State Low-Income Housing Tax Credits that will generate an estimated $15 million in equity. Additional support comes from both Wells Fargo and Freddie Mac, signifying a collaborative approach to breathe new life into this vital community asset.

Comprehensive Renovations Planned

The renovation plan is nothing short of ambitious, structured to address a wide array of pressing issues. Residents can anticipate comprehensive improvements that will modernize every detail of their homes:

• - Interior Upgrades: Each of the 360 apartments will receive complete interior renovations, featuring modern finishes and appliances designed to enhance the quality of life.
• - Infrastructure Improvements: The project will prioritize critical updates to stormwater and sanitary systems, solving longstanding reliability issues that have plagued residents.
• - Enhanced Security Features: New security measures will be introduced, underscoring the commitment to creating a safe living environment.
• - Community Facilities: The development will feature three new playgrounds, fitness stations, a walking track, along with essential upgrades to landscaping, lighting, and parking facilities. Laundry rooms and bicycle storage are also part of the plans.

New York State's HCR Commissioner RuthAnne Visnauskas commented, "For far too long, residents of Towne Gardens have endured unsafe conditions due to neglect. This $126 million investment marks a vital turning point in restoring quality and safety."

Catalyzing Community Development

The significance of this project extends beyond mere housing improvements. Joseph Ferrara, Principal of BFC Partners, emphasized the broader implications of creating stable, affordable homes: "Affordable housing is about stability, dignity, and opportunity. When compromised communities gain access to safe housing, families can thrive, and neighborhoods can grow stronger."

Looking ahead, Michael Chapman, President of the Buffalo's Black Billion and St. John Fruit Belt CDC, remarked on the overarching vision for East Buffalo, stating that the developments represent nearly $800 million in collective investment—a transformative commitment focusing on community-centered growth and job creation.

Winthrop Wharton, also from BFC Partners, added, "This initiative will restore safety, dignity, and stability to the families calling Towne Gardens home."

A Promising Future for East Buffalo

With the revitalization of Towne Gardens, and the previous investment in the adjacent retail plaza, BFC Partners is establishing a foundation for long-term community growth and development. They currently have more than 1,600 housing units in their pipeline within Buffalo, evidencing their commitment to this important work.

In closing, the revitalization of Towne Gardens represents not only a restoration of physical structures but a rebirth of community spirit and hope, setting a course for a brighter future for all its residents and the broader East Buffalo area.