$40 Million Housing Project to Receive Binghamton and State Funds
A Long Island developer has lined up city and state money to help cover some of the costs of a proposed 102-unit Binghamton apartment complex.
Robert Muchnick, president of The Metro Group, and Mayor Jared Kraham made a brief appearance Wednesday at the First Ward site of the planned $40 million housing project.
The complex received a critical boost last December when state officials approved a request for nearly $3 million for the project.
The city of Binghamton now is planning to kick in $2.2 million in the American Rescue Plan Act funds it received from the federal government.
Kraham has said the project will be contingent on affordable housing tax credits from the state.
The multi-story apartment building is to be constructed on a vacant four-acre parcel on Clinton Street between Jarvis and Hudson streets.
The Vail-Ballou Press book printing plant once was located on the site. An M&T Bank branch office also was located on the property for a time. The bank building later was sold to Broome County for use as a DMV office.
The land is owned by FRGK Realty, which is tied to Rogers Service Group. Four years ago, that company told city officials it planned to build a 30,000-square-foot storage building on the site.
Ron Rogers said the business had "outgrown the space" at its existing Clinton Street facility. The company never explained why it didn't build the new storage building.
In addition to low-income housing tax credits, The Metro Group plans to tax breaks under the state's brownfield cleanup program.
People shouldn't expect to move into the planned apartment complex anytime soon. Groundbreaking for the project now is slated for 2025.
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