25-1362 : Everhart, Wyatt – Public-Private Partnership to Return Foreclosed Residential Properties in the Masten District to Productive Use

This resolution, sponsored by Council Members Everhart and Wyatt, proposes a public-private partnership to address the City of Buffalo's high inventory of foreclosed residential properties, particularly in the Masten District, which has been exacerbated by the COVID-19 pandemic and a lack of public auctions since 2019. The initiative aims to combat the shortage of affordable housing by partnering with organizations like Habitat for Humanity to acquire, renovate, and sell these properties to low-income families at below fair market value.

Key Directives for the Mayor's Office:

• Property Identification: Identify at least 30 residential properties in the Masten District requiring minor renovations, to be sold by September 1, 2026.
• Affordability Parameters: Formulate criteria for qualifying low-income families and establish general mortgage terms (interest rate, term, minimum occupancy).
• Neighborhood Revitalization: Encourage multiple rehabilitations within the same immediate neighborhoods to foster concentrated rebuilding.
• Funding Exploration: Evaluate potential City or State funding sources for these rehabilitation projects.

The resolution also requests that relevant city offices, including the Mayor's Office, Office of Strategic Planning, Buffalo Urban Renewal Agency, and Division of Real Estate, be informed.