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Anti-Predatory Lending Policy

Policy would apply to all city-funded residential housing project

The Buffalo Urban Renewal Agency Board of Directors today adopted an Anti-Predatory Lending policy, which is designed to protect all applicants to City of Buffalo Office of Strategic Planning sponsored homebuyer programs. 

Roughly one third of homes in Buffalo are seized because borrowers fall behind on their payments, said Mayor Byron W. Brown, Chairman of the BURA Board of Directors. We want to see more people in Buffalo become homeowners, to strengthen our neighborhoods and improve our quality of life.  But that cannot be accomplished if predatory lending is allowed to continue.  With this Anti-Predatory Lending Policy, our goal is to not only protect potential homeowners but to arm them with the necessary financial education they need to be successful homeowners.Earlier this year, the Office of Strategic Planning (OSP) convened an Anti-Predatory Lending Policy Development Working Group.  The group met and developed a set of Uniform Underwriting Standards for applicants to OSP sponsored homebuyer programs.  The group consisted of OSP Loan Review Committee members and representatives of community agencies involved in housing development, including HomeFront, Inc., Belmont Shelter Corporation, the Urban League, Bethel CDC, Legal Aid, Legal Services to the Elderly, and the Western New York Law Center.