New Affordable Housing Comes to Binghamton, NY
The project consisted of rehabilitating 11 buildings and constructing a new mixed-use property with two commercial storefronts and 10 residential units on the site of the former Lincoln Hotel.
Binghamton, N.Y.—Governor Andrew Cuomo announced the opening of Binghamton Gateway, an affordable housing development located on Front Street in Binghamton, N.Y. The community offers 37 units, with six of those specifically designed to support residents with physical disabilities. The Southern Tier Independence Center will provide supportive services for those residents.
“Affordable housing is much more than just four walls–it provides a safe and secure place for vulnerable New Yorkers to call home,” said Governor Cuomo. “The Binghamton Gateway will help breathe life back into this area while at the same time promoting stronger, more resilient communities across the Southern Tier for generations to come.”
The project consisted of rehabilitating 11 buildings and constructing a new mixed-use building with two commercial storefronts and 10 residential units on the site of the former Lincoln Hotel. The project features storm water management infrastructure, reinforced bracing for exterior walls and the elevation of mechanical and electrical systems to keep them secure in the event of flooding.
“The project is a real home run: providing attractive housing, removing blight on a main route into town and helping to create a better environment for business,” said Jerry Willard, executive director of the First Ward Action Council. “It’s been a lot of work, but we have had a lot of help from Governor Cuomo’s housing and economic teams, financial institutions, government officials, and the many consultants and contractors who helped us to put Binghamton Gateway Homes together.”
The New York Homes and Community Renewal provided $7 million of federal Community Development Block Grant– Disaster Recovery funds; $4.8 million of tax credit equity through Low Income Housing Tax Credits; Weatherization funds and a loan from the Housing Trust Fund Community Investment Fund. Additional funding for the housing was provided through Binghamton RESTORE funds and a $496,975 Empire State Development grant. The tax credits were syndicated by Enterprise Community Investment Inc. and M&T Bank is the investor.
“Our ability to combine our financing mechanisms into a single source provides a powerful benefit for communities and developers that are seeking to jumpstart worthy projects,” said James Rubin, Homes & Community Renewal Commissioner. “For Binghamton Gateway, a sustainable and storm resistant apartment complex, we congratulate and thank our development and government partners for the crucial part they played in creating these new affordable homes.”
Images courtesy of Dennis Dunda