Binghamton Invests $2 Million in Land Bank Rescue of Blighted Homes
The City of Binghamton is investing two million dollars in the rehabilitation of rundown properties, turning them into opportunities for first-time home-buyers.
The City is partnering with the Broome County Land Bank to fund the rehabilitation of the foreclosed and abandoned properties.
In the past, the municipality has worked with the property rehabilitation agency to oversee the demolition of properties the Land Bank had acquired. The Land Bank’s Affordable Homes Program has already fixed up four properties in the City.
The latest initiative has the City using American Rescue Plan Act money to fund the full rehabilitation of blighted single-family properties that will be sold to income-qualified homeowners.
The City says the two-million dollar investment will initially fund up to ten full-home rehabilitations. Future projects would be paid for by funding recouped through the sale of the fixed-up homes.
The first property on the list is at 15 Birch Street on the South Side.
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