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December 13, 2012 Matt Davison, media contact md@amdgpublicaffairs.com 716-604-7772

Chason Affinity Companies and University District Community Development Association Join Forces to Acquire and Renovate Neighborhood Eyesore
Developers donation spurs rehabilitation and eventual sale of foreclosed Eggert Road property Buffalo, NY Today Chason Affinity Companies and the University District Community Development Association (UDCDA) announced the completion of a collaborative project aimed at improving the neighborhood and attracting homeownership within the City of Buffalos Kensington-Bailey area. Were here today to commemorate a unique private/community partnership that has turned a neighborhood liability into an attractive residential asset, said Chason Affinity Companies President Mark Chason. By coordinating the purchase of this troubled property with the capable community development folks at UDCDA, we were able to muster our collective forces towards the common goal of improving the local streetscape. Beginning in 2011, Chason Affinity Companies owner and operator of the nearby Collegiate Village and Kensington Gardens complexes began the process of acquiring 400 Eggert Road out of the foreclosure process. The property was then gifted to UDCDA on the grounds that the home be rehabilitated and resold to a qualified owner-occupier. Before completing the transfer, Chason Affinity Companies performed various stabilization and external maintenance activities to the structure. UDCDAs contribution to the project encompassed a wide array of property renovations and upgrades, including: roofing, siding, carpentry, lighting, electrical, plumbing, painting, and faade improvements, as well as a new kitchen, bathroom, furnace, garage door, and installation of updated windows, storm doors, and security doors. Chason Affinity Companies concluded the effort by providing landscaping and front yard sod to help enhance the overall aesthetics of the property. Completion of this project is certainly good news during the holiday season, and its one of those partnership stories that we are seeing more and more of around Buffalo and Western New York, said UDCDA Executive Director Roseann Scibilia. We are very grateful for the donation by Chason Affinity Companies and their genuine commitment to working with us on improving our local neighborhoods.

Chason Affinity Companies purchase/donation and UDCDAs rehabilitation work is valued at nearly $95,000 in monies spent on the property. The total project timeframe was just over 16 months and concluded in the fall 2012. Utilizing income assistance program guidance, UDCDA identified a qualified homeownership candidate Mr. Johnny J. Williams, Jr. and completed a property sale below fair market rate. The final sale price also included a small profit for UDCDA to contribute towards future neighborhood rehabiliation project work. Chason Affinity Companies is a storied Western New York developer and property manager with an important history overeesing some of the regions largest residential complexes and projects. In recent years, the company has advanced the exciting Collegiate Village effort, while at the same time becoming the selected developer for the former Millard Fillmore Gates Hospital site located in the City of Buffalo. Since 2008, Collegiate Village has provided more than $100,000 in scholarships to area college students. UDCDA is an organization driven by local quality of life and neighborhood livability issues. The association is committed to revitalizing the University and Delaware Districts through various community and economic development efforts. This includes: promoting homeownership, ensuring that all residents have access to adequate housing, further empowering residents, and renewing community pride and confidence. ###

Project Snapshot How the Private/Community Partnership Effort Progressed:

1. Chason Affinity Companies identifies foreclosed Eggert Road property and hatches purchase and rehabilitation partnership concept (mid-2011). 2. Chason Affinity Companies acquires property out of foreclosure for $45,000 and subsequently performs structural stabilization and external maintenance work. 3. Chason Affinity Companies donates property (free of charge) to UDCDA for renovation. 4. UDCDA completes over $40,000 in property renovations and updates. 5. UDCDA identifies suitable buyer and offers guidance regarding use of low/moderate income assistance programs to address closing costs and down payment requirements. 6. Buyer completes purchase of property, moves into residence, and becomes the newest homeowner in the Kensington-Bailey Neighborhood (summer/fall 2012).