Governor Hochul Announces Binghamton Low-Income Housing Project
New York Governor Kathy Hochul is announcing an $8.4 million affordable housing development in an area of Binghamton north of Main Street.
The Governor March 15 said federal and state low-income housing tax credits, weatherization assistance, State Community Renewal funds, NYSERA funds and money from the City of Binghamton will go to the development of 23 energy-efficient affordable apartments in seven parcels in the North of Main Street Revitalization district.
Of the 23 units, four of the apartments are to go to veterans with physical disabilities who will also have access to services provided by the Southern Tier Independence Center. All the units are directed to households earning at or below 60 percent of the Area Median Income.
The Governor’s office says six existing building built in the late 1800’s and early 20th century will undergo substantial renovations while a new, four-apartment building will be built on a vacant lot at 95 Walnut Street.
The project is being developed by the First Ward Action Council.
The State financing for the North of Main projects includes Federal and State Low-Income Housing Tax Credits generating $5.4 million in equity and a $2.4 million subsidy from New York State Homes and Community Renewal. The New York Weatherization Assistance Program is providing $76,000 for the project and $23,000 in support is coming from the New York State Energy Research and Development Authority (NYSERDA) while the City of Binghamton will kick in $355,000.