8/26/2011- Today West Side Neighborhood Housing Services announced that it was awarded a $280,000 affordable housing grant to help low- and moderate-income homeowners make needed, energy-efficient repairs to their homes. West Side Neighborhood Housing Services (West Side NHS) is one of 115 local NeighborWorks organizations to receive $34.9 million in Capital Funding for the Rehabilitation of Affordable Housing (CFRAH) grants to rehabilitate or finance the rehabilitation of affordable housing nationwide.
“With these funds, lower-income homeowners will be able to make repairs they might not be able to afford with a standard loan,” said Linda Chiarenza, Executive Director of West Side NHS. “And energy-efficient repair loans will help homeowners to save on energy costs year after year.”
In addition to enabling nonprofit small businesses to acquire and rehab properties, the $35 million in grant funding will also jump start local economies through the creation of more than 1,000 jobs, and produce in excess of $300 million in economic activity.
“This federal funding gives new life to Buffalo’s older housing stock by supporting improvements that transform our neighborhoods and make our City stronger,” said Congressman Brian Higgins, who serves as Co-Chair of the Congressional Revitalizing Older Cities Task Force.
With funding from this grant, West Side NHS will offer:
Deferred and interest-free roof repair loans. Homeowners who qualify for deferred loans will not have to make any payment on the loan until their home is sold.
Deferred and reduced-fee loans for small repairs between $1,000 and $5,000
0% interest loans for energy-efficient repairs, including matching for NYSERDA grants.
Low-income homeowners facing the high repair costs of older housing stock in Buffalo may struggle to make needed repairs to their homes, and high energy costs in Western New York can further decrease homeowners’ ability to make improvements. This grant will provide options for homeowners who would be unable to make payments on standard home repair loans, and will help homeowners save money high energy costs—a major affordable housing issue in Buffalo.