BUFFALO, N.Y. - Gov. Andrew Cuomo was in Western New York Thursday morning to announce $10 million in funding for a neighborhood stabilization initiative in parts of Buffalo and Cheektowaga.
The three-year initiative will help create homeownership opportunities and help homeowners make needed home repairs to prevent foreclosure. The money will also be used to prevent so-called "zombie properties."
The first phase will invest more than $4 million to begin work on nearly 250 homes this year.
The state plans to partner with the City of Buffalo and use $1.4 million of that initial $4 million to create 28 new homeownership opportunities. The money will be used to repair and make available for purchase city-owned, vacant properties on Buffalo's east side.
The first homes are expected to be turned over and occupied by later this year.
Two million dollars will be used to help about 200 families who are at a higher risk of losing their homes due to high costs of maintenance and energy usage.
More than $1 million will be invested to address and prevent zombie properties. The State of New York Mortgage Agency will purchase the mortgages for 17 properties facing foreclosure on Buffalo's east side and in the Town of Cheektowaga.
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