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$8.7M Secured for Holy Family Apartments
July 21, 2010
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Living Communities and Delta Development of Western NY have successfully secured financing for Holy Family Apartments, a project
sponsored by the Catholic Diocese of Buffalo and the Church of the Holy Family. $8.7M will fund the rehabilitation of the early 20th
century Holy Family Elementary School building in Buffalo, New York. The co-development team closed on financing July 7, 2010,
for thirty-five units of affordable rental housing for persons of low and moderate income who are 55 and older. Administrative
offices and operation for a local food pantry will also be housed in the building. The project will be primarily financed through
low income housing tax credits issued by New York State Department of Housing and Community Renewal (DHCR), with balance of permanent
financing derived from Federal Home Loan Bank and HOME funds provided by the City of Buffalo. M and T Bank was the credit purchaser
and support for the FHLB funds. The construction loan was provided by Community Presentation Corporation in Buffalo. The project also
received assistance from the Affordable Housing Clinic based at the University at Buffalo Law School.
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