(WIVB) – If you are looking to grab up a piece of the American dream in this red hot housing market, you might be in luck.

Local officials in the City of Tonawanda cut the ribbon on a new build on Tuesday. The property is affordable and competition is limited, because you have to be income-qualified to even be considered for this new build in the City of Tonawanda.

For that reason, the selling price has a limit.

The ribbon-cutting was for one of the seven properties the Erie County Land Bank has bought through the City of Tonawanda’s tax foreclosure auctions, creating a bright light from what used to be blight.

Officials are calling new home a community effort. The land bank owns it, students in UB’s School of Architecture and Planning designed it.

Neighbors are welcoming the new addition, which has gone through several stages.

“That used to be an old store,” neighbor Chris Pasek said. “It was called Stone’s Store.”

Chris and Joe Pasek have lived on Fuller Avenue for 44 years, and saw the property go from a store to a home – and for at least ten years it has been a vacant lot. They can’t wait to get their new neighbors.

Elaine and Mark Garrity feel the same way.

“We have watched the construction over the last two-and-a-half years,” Mark Garrity said. “It’s beautified the neighborhood and our street.”

Cheryl Shaffer of Signature Real Estate is the listing agent for 91 Fuller Avenue, City of Tonawanda, that is being sold by the Buffalo Erie Niagara Land Improvement Corporation (BENLIC).