KeyBank Financing – A ribbon cutting on Tuesday, June 11, 2023 marked the completion of construction of True Bethel Commons in Niagara Falls, New York. KeyBank Community Development and Lending provided him with a $15 million loan to adaptively repurpose the historic Sacred Heart School, Parsonage and Convent vacant buildings on South Avenue.
“A true Bethel Commons is already having a transformative impact on the area surrounding the former Sacred Heart School, Parsonage and Convent buildings on South Avenue, bringing safe and affordable housing to the area,” said Michael McMahon, President of KeyBank Buffalo Markets and Regional Commercial Bank. Executive. “We are extremely proud to have helped make True Bethel Commons a reality, and we thank all of our project partners (Belmont Housing, True Community Development Corporation, and Niagara Falls, NY) for their vision and dedication to the community.”
“True Bethel Commons is representative of what we want to invest in because it is community-based,” said Kate De La Garza, Senior Relationship Manager, KeyBank Community Development Loans. . “By partnering with Belmont, it was born out of the specific vision of True Bethel Baptist Church.”
His 39 apartments in this building are available to households whose income is less than 50% of her regional median income. The eight apartments are fully accessible and suitable for those with specific physical needs. The project has his 24 project-based Niagara Falls City Section 8 Housing Choice Coupons.
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Close to True Bethel Commons are medical facilities, community services, schools, retail stores, grocery stores, pharmacies, libraries and public parks. Its urban location provides easy access to a variety of public transportation options, giving residents direct access to a variety of services outside of the Niagara Falls City Business Corridor and neighborhood.
The Niagara Falls complex dates back to 1889 and has expanded over the years. Listed on the State and Federal Register of Historic Places. Therefore, the reuse plan would not only preserve most of the grammar school building, but also preserve the building’s features, such as the wide school corridors and skylights, and the extensive woodwork and stained glass windows in the parsonage and cloisters.
Close to True Bethel Commons are medical facilities, community services, schools, retail stores, grocery stores, pharmacies, libraries and public parks. Its urban location provides easy access to a variety of public transportation options, giving residents direct access to a variety of services outside of the Niagara Falls City Business Corridor and neighborhood.
The Niagara Falls complex dates back to 1889 and has expanded over the years. Listed on the State and Federal Register of Historic Places. Reuse plans therefore called for preserving features of the building, such as retaining the wide school hallways and skylights, the extensive woodwork and stained glass windows in the parsonage and cloisters, and retaining most of the gymnasium.
The project meets the requirements of an enterprise green community and the building amenities include a common room with kitchen area, playground, storage room for bikes and other large items, computer room and laundry. Residents are responsible for their own electricity bills, utility bills, and gas bills. All apartments are equipped with energy efficient stoves, ovens, refrigerators and lighting.
Belmont Housing Resources for WNY, Inc. is developed in partnership with True Community Development Corporation. Ranked among the top four affordable housing financiers in 2022 by Affordable Housing Finance, KeyBank is committed to realizing much-needed housing projects and providing housing to those in need. increase.
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