THE NHP FOUNDATION, BFC PARTNERS, AND ST. JOHN FRUIT BELT CDC ACQUIRE 360 RESIDENTIAL UNITS IN EAST BUFFALO, NEW YORK

Purchase Will Revitalize Neighborhood and Spur Continued Investment in East Buffalo

BUFFALO, N.Y., March 11, 2025 /PRNewswire/ -- BFC Partners, The NHP Foundation (NHPF) and St. John Fruit Belt CDC have closed on Towne Gardens, located at 440 Clinton Street in East Buffalo, New York, purchased out of foreclosure from The Federal National Mortgage Association (Fannie Mae) for $21,7000,000.?The 360 residential units in the project-based Section 8 community are slated for revitalization, with a total development cost of $120,000,000.

"Ensuring access to quality, affordable housing in the City of Buffalo is a priority for my administration, and with the purchase and planned revitalization of Towne Gardens, this investment will not only preserve housing for hundreds of residents but also create a stronger and more stable community. I look forward to working with responsible developers and community-focused partners to ensure that Towne Gardens is a safe, accessible, and well-managed place for families to call home," said City of Buffalo Mayor Christopher P. Scanlon.

The purchase of the 18.1-acre site comes a year after BFC Partners closed on the adjacent Towne Gardens retail plaza for $1.35M. This large-scale project will establish a critical mass of mixed-income housing and mixed-use retail.

"BFC Partners is deeply committed to improving the quality of life for these residents. Over the past couple of years, we have done extensive work in East Buffalo and are thrilled to continue in the city with this transformative project," said Rob Sanna, Director of Preservation, BFC Partners. "Our firm is investing $2M for immediate repairs and we plan to start a larger rehabilitation of the site in the next year, which we expect will be a catalyst for further investment in the community."

"By collaborating with like-minded organizations such as BFC Partners and St. John Fruit Belt CDC, we continue our mission to ensure that communities have access to stable, high-quality affordable housing for generations to come," said Tim Pryor, NHPF Vice President, Acquisitions, "NHPF is proud to join forces to acquire Towne Gardens, preserving much-needed affordable housing in East Buffalo."

"We are thankful to God, for this is a continuation of 98 years of community development as a Faith-Based Institution. Our Two churches, Two campuses, One village is the largest African American Institution in the city of Buffalo. St. John Fruit Belt CDC along with BFC Partners as co-developers completed $57 million of rehabilitation at the 15.1-acre McCarley Gardens. We look forward to working with BFC Partners and NHPF in successfully and sensitively engaging our community in the development of Towne Gardens," said Pastor Michael Chapman, President and CEO of St. John Fruit Belt CDC and the Buffalo Black Billion [A conglomerate of 17 legal and programmatic entities.]

About BFC Partners
BFC Partners is a full-service, real estate development firm that creates community-first, urban development solutions. Since 1984, BFC has been at the forefront of developing high quality affordable, mixed-income, and market rate housing. We are dedicated to revitalizing communities and improving the lives of our residents and neighbors. As leaders in the field, our government, financial, and community partners seek us out to help start new programs and undertake complicated projects. For more information, please visit: https://www.bfcnyc.com/.?

About The NHP Foundation (NHPF)
The NHP Foundation (NHPF) is a 501(c)(3) not-for-profit real estate corporation founded in 1989. With over three decades of experience in affordable housing acquisition, investment, development and construction, NHPF's team brings together deep knowledge of real estate fundamentals, attention to changing resident and community needs, and the expertise required to make sound investment decisions. We are also committed to providing equitable, tailored resident services programs, powered by our subsidiary, Operation Pathways, which offers Family-Centered Coaching to families facing poverty and hardship. Through strategic partnerships with financial institutions, the public sector, faith-based organizations, and other nonprofits, NHPF currently owns and manages 54 properties across 14 states and the District of Columbia serving over 8,000 residents. For more information, please visit www.nhpfoundation.org.

ABOUT ST. JOHN FRUIT BELT CDC/BUFFALO'S BLACK BILLION

Buffalo's Black Billion is the first faith-based, God-Driven, African American Redevelopment Project in the history of Buffalo. Established in 2002 by Pastor Michael Chapman, the purpose of the initiative is to serve as an economic engine for Buffalo's East Side thru construction/renovation, programming, and ministry. The first stage of the initiative is a $1 billion investment in the Fruit Belt area of Buffalo's East Side which currently includes the construction and renovation projects of $57 million McCarley Gardens renovation, $160 million McCarley Gardens new build, $30 million St. John Towers Renovation, $1.8 million Gethsemane Missionary Baptist Church Restoration, and a $550,000 facility renovation for Recovery Options Made Easy and Spectrum Mental Health. Stage two of the initiative is a future $1 billion investment in the Jefferson Avenue Corridor from Cherry St. to E. Ferry St. "Cherry to Ferry." The foundation of the initiative is in the St. John Baptist/Gethsemane Baptist Mission Churches "Two Churches Two Campuses, One Village."

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SOURCE NHP Foundation