BINGHAMTON, N.Y. — An $8.4 million affordable housing development is on the way in Binghamton’s North of Main neighborhood.
The North of Main Revitalization project, announced Tuesday by Gov. Kathy Hochul, will contain 23 energy-efficient homes across seven separate locations north of Main Street.
Six existing buildings constructed in the late 19th and early 20th centuries will undergo significant renovations. A new building with four apartments will be constructed on a vacant lot at 95 Walnut St. The seven sites are within four blocks of each other.
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All 23 apartments are supposed to be affordable to households earning at or below 60 percent of the area median income. Four apartments will be designed to accommodate individuals with physical disabilities who will also have access to services provided by the Southern Tier Independence Center. Priority for those units will be given to those who have served in the military.
Each building will meet green design standards and include energy-efficient features such as Energy Star appliances and lighting as well as low-VOC building materials. The six existing buildings will be weatherized to improve heating and cooling efficiency.
Financing for the project includes federal and state low-income housing tax credits expected to generate $5.4 million in equity and $2.4 million in subsidies from New York State Homes and Community Renewal. The New York Weatherization Assistance Program awarded $76,000 to the project, while the New York State Energy Research and Development authority will provide $23,000 and the city of Binghamton will contribute $355,000.
“This project furthers the revitalization of Binghamton’s North of Main neighborhood and adds to the growing number of new affordable housing units in the city,” Mayor Jared M. Kraham said in a press release. “Few neighborhoods in the Southern Tier have seen as much investment or transformation in recent years as NoMa, which has become a statewide model for neighborhood revitalization.”
North of Main Revitalization is part of larger plans to make housing more affordable, equitable, and stable. It is the second state-financed redevelopment in the area after the 2020 project to revitalize the Crandall-North Street area with 37 affordable homes and commercial space. The developer for both projects is First Ward Action Council.
This year the state projects to create and preserve 100,000 affordable homes and 6,000 with support services.
