New York recently committed $50m to help the East Side of Buffalo, and now a group comprising 10 local philanthropic organizations, as well as banks, has pledged an additional $8m to assist the effort. The funds will go to support nonprofit organizations already working in the area.
The University at Buffalo's Regional Institute is leading the venture, which seeks to develop and then put in place strategies to revitalize the East Side. At the same time, the effort wants to make sure the nonprofit organization have the skills, management, leadership, and resources they need to continue their work.
The funds are being put into a pooled investment fund, which currently totals $8.07 million provided by the five foundations and five banks. The final goal for the fund is $8.7 million, which will become part of the East Side Corridor Economic Development Fund. The Community Foundation for Greater Buffalo will administer the corridor fund. Officials can use flyer printing to inform residents of an area like this of the upcoming projects.
The work will focus on nine areas along Michigan, Jefferson, Fillmore, and Bailey Avenues, and specifically on projects that benefit residents, support businesses in the area, hire community residents, and can be completed quickly – ideally within five years. The projects will also promote walkability, be mixed-use, and support natural and historic assets, among other goals.
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