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Governor George E. Pataki today announced $11 million in State funding to help renovate the former Buffalo Electric Vehicle Company building in downtown Buffalo. The funds, which were awarded through the State Division of Housing and Community Renewal (DHCR), will be used to create a mixed-use building complete with commercial space, artist lofts, family and special needs housing.

"The Artspace project is a significant step in our continuing effort to redevelop downtown Buffalo," Governor Pataki said. "This project combines our commitment to affordable housing and economic development, creating new, high quality affordable housing opportunities, while transforming the historic Buffalo Electric Company building from a vacant structure to a vibrant new center. We will continue to partner with localities and the private sector to keep growing our economy and expand access to affordable housing for New York's working families."

U.S. Representative Thomas M. Reynolds said, "Artspace is an important project not only for the city of Buffalo, but our entire community. It means better housing, a stronger arts community, and greater economic development opportunities. I'm pleased to have been able to be a part of keeping this project moving forward, and salute Governor Pataki's continued commitment to our area and Mayor Masiello's vision."

Senator Dale M. Volker said, "Governor Pataki has continued to make long-term investments for the Buffalo region and this announcement furthers his commitment for the City of Buffalo to revitalize and diversify its housing market. With an economy that continues to grow and expand, comes the need for affordable housing and retail space. Today's announcement by Governor Pataki will allow this pivotal project to move forward so that both businesses and individuals can continue to live and work in the City of Buffalo."

Senator Byron Brown said, "The Artspace project will be an excellent shot in the arm for the rebirth of Main Street. With all of the development in the Buffalo-Niagara Medical Corridor, affordable housing will be a much needed addition. This project shows the commitment the Western New York Delegation and the Governor have made to revitalizing Downtown Buffalo."

Assemblywoman Crystal Peoples said, "Buffalo is a city rich in architectural treasures. This project not only restores these historic structures, but provides much-needed affordable housing opportunities for our city residents."

Buffalo Mayor Anthony M. Masiello said, "This project ensures that the creative class will contribute to the revitalization of our City. Almost every block of Main Street now has significant new investment; this continues the momentum of the Medical Campus and downtown housing."

L. Kelley Lindquist, President, Artspace Projects, Inc. said, "We are delighted that the Buffalo project has received this award. This project has been blessed with great leadership from both the City of Buffalo and the State of New York. Thanks to that leadership, we can now proudly envision a permanent and affordable home for working artists and arts organizations on Main Street in Buffalo."

The project is the rehabilitation of a historic vacant commercial building and the new construction of six townhouse-style buildings on adjacent vacant land. Once completed, the project will consist of 60 residential rental units and retail space.

DHCR Commissioner Judith A. Calogero said, "Today's announcement reflects the Governor's dedication to affordable housing creation and to economic development in the region as well. The best gauge of that commitment is his record: since 1995, over $9 billion has been invested in affordable housing in the State of New York, using a combination of State appropriations and Federal resources. As a result, more than 170,000 affordable housing opportunities have been provided for low- and middle-income families."

Funding for the $15.5 million project will be provided by the New York State Housing Trust Fund Program, the federal Low Income Housing Credit Program, the New York State Low Income Housing Tax Credit Program, the City of Buffalo HOME and CDBG Programs, historic tax credits and a Community Preservation Corporation loan.

The Low Income Housing Trust Fund program addresses the critical need for safe, affordable housing opportunities for seniors, families and individuals. The Housing Trust Fund provides State funding to help construct new housing, to rehabilitate vacant or under-utilized residential property and to convert vacant non-residential property to residential use.

The Federal Low Income Housing Tax Credit Program (LIHTC) was established to promote private sector investment in the development and retention of rental housing for low-income seniors, families and individuals. The program provides a dollar-for-dollar reduction in federal income tax liability for project owners in direct relation to the number of affordable housing units they produce.