Woodburn Court 1 Senior Housing Secured

The City of Binghamton has a new agreement with the owners of Woodburn Court One to secure affordable senior housing at the apartment building under a new, 20 year Payment In Lieu Of Taxes agreement.

Under the deal, the owner is responsible for repairs and inspections, there is a one million dollar capital improvement plan for the property, and the owners will advance a Housing Assistance Payments contract for rent subsidies.

Mayor Richard David says the deal not only secures affordable senior housing on a long-term basis but also addresses the improvements the residents said were needed.

In the new PILOT agreement, Binghamton will get $3.58 million in payments over 20 years.  The old agreement had a payout of $2.95 million over 20 years.

City Council passed the resolution April 6 with the Mayor signing it at Woodburn Court April 13.