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Council asked to reaffirm ability to lease Marine Drive property for redevelopment; project to preserve affordable units
Summary
City staff asked the council to amend a loan-and-subsidy agreement to permit the Buffalo Municipal Housing Authority (BMHA) to long-term lease the Marine Drive site to a development partner as part of a redevelopment that will include state-affordable units between 30% and 90% AMI; closing with New York State is expected in August per staff.
Nadine Moran of the Office of Strategic Planning asked the council to approve an amendment to the loan-and-subsidy agreement for Marine Drive so the Buffalo Municipal Housing Authority (BMHA) may long-term lease the property to the project developer as part of a planned redevelopment.
Moran described the site as one of several developments originally built with New York State capital funds in the 1950s and 1960s and said the requested amendment does not change the site’s existing fiscal constraints. She told the council the housing will remain subject to New York State affordable-housing requirements…
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