BUFFALO, N.Y. — The Towne Gardens Apartments on Buffalo’s East Side is getting some much needed investments and improvements.
The 360-unit complex was purchased by BFC Partners and St. John Fruit Belt CDC/Buffalo Black Billion and Community 1, LLC, who secured $126 million in financing to improve the complex.
Renovations are expected to begin immediately. Major investments include $38.7 million in HCR subsidies, $15 million in equity from state tax credits, and additional state and federal historic tax credits…