BUFFALO, N.Y. (WKBW) — The Buffalo Municipal Housing Authority announced its Board of Commissioner has voted to file a request with New York State Homes and Community Renewal to increase rent at the Marine Drive Apartments.
The BMHA said it is looking to increase the rent by 10 percent to "help bridge the gap between rent income and rising operating losses."
According to the BMHA, over the last three fiscal years, operating losses at Marine Drive have totaled over $1.2 million. It is projected that losses will rise by more than $500,000 in the current fiscal year that ends June 30, 2025.
BMHA Executive Director Gillian Brown said no resident will pay rent that exceeds 30 percent of their monthly income.
“Raising rents is not something we take lightly, but the only source of income at Marine Drive is rent," said Brown. "While the development is overseen by New York State Homes and Community Renewal, we receive no operating subsidy from the state. In compliance with the state’s affordable housing requirements, no resident will pay rent that exceeds 30% of their monthly income which means many Marine Drive residents will see no rent increase.”
If approved, the BMHA said the monthly increase would range from $36.85 to $114.40, depending on unit size.
According to the BMHA, 62 percent of Marine Drive residents live in two-bedroom standard apartments and will see their rent rise from $474.10 to $521.51, an increase of $47.41.
"Residents were notified of the potential rent increase in early July and the BMHA held a community meeting to detail the need for an increase, just the third rent boost since 2004. As the state review and approval process can take several months, it is unknown when the higher rents will go into effect. the BMHA said in a release.
In February 2023, the BMHA announced plans to demolish and rebuild the seven 10-story apartments in phases.
You can watch our previous report below and read more here.
In July 2023, architectural renderings for phase one of the project were released. You can find them and read more here.
