$6.3 million For Gateway Revitalization Project In Binghamton NY

On March 18, 2025, over $270 million was awarded to create and preserve more than 1,000 affordable and sustainable homes throughout 28 developments in New York State, according to Governor Kathy Hocul's Office.

The money awarded is through the federal Low-Income Housing Tax Credit and subsidies. Governor Hochul and Representative Paul Tonko announced that these projects will expand or preserve the housing supply, upgrade and modernize public housing, further local economic development initiatives, and include energy-efficient features.

Solving New York’s housing crisis comes down to one simple strategy: building more housing. These critical federal resources make it possible for us to provide New Yorkers with new opportunities to access affordable, modern, sustainable homes that also provide access to childcare, supportive services, and the amenities that individuals and families need to thrive. - New York State Governor Kathy Hochul

Funding is a part of the $25 billion five-year Housing Plan to create or preserve 100,000 affordable homes statewide over ten years

If we want to solve our historic home shortage, we must invest in affordable housing — which is why I am a proud supporter of LIHTC and other vital programs that help us tackle the housing crisis. Supporting affordable, sustainable housing benefits everyone in our communities. At a time when millions struggle to afford quality housing, we must continue to drive smart investments like these that serve families across New York State. - New York State Representative Paul Tonko

Ten regions will benefit from the awards. In the Southern Tier of New York, that includes:

$6.3 million for the Gateway Revitalization Project in the City of Binghamton, Broome County: Substantial rehabilitation of 15 units in seven existing buildings and new construction of two mixed-use buildings containing 23 residential units and two commercial spaces. The development is receiving funding from HCR and NYSERDA’s Clean Energy Initiative.

$3.7 million for Freese Road Apartments in the Town of Dryden, Tompkins County: New construction of a 53-unit, mixed-income affordable, and supportive development on vacant land. Freese Road will be close to a major bus line with easy access to downtown Ithaca and amenities.

$7.1 million for Meadow on Seneca in the City of Ithaca, Tompkins County: New construction of a 70-unit mixed-income development that includes 35 units with supportive services for homeless and vulnerable populations.

For more information, visit Governor Hochuls' website.

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