A newly proposed housing development in Binghamton’s First Ward neighborhood would offer more than 100 affordable housing units.
Mayor Jared Kraham announced plans for the project last week. The city will use $2 million in American Rescue Plan Act funds towards the development.
Kraham said the Binghamton City Council must still sign off on the plans. He argued the complex, located on 187 Clinton Street, would help revitalize the First Ward neighborhood.
“How you build economic activity is you have to build housing. We're taking a vacant and blighted site and adding 100 units of workforce housing, something that will complement the commercial neighborhoods here,” Kraham said.
The nearly 4-acre vacant lot was previously a Broome County Department of Motor Vehicles office before it was demolished.
Kraham said the housing complex would have a mix of one-, two- and three-bedroom apartments for lower and middle-income residents. It would also have commercial space for rent on the ground floor.
“This is housing for families living paycheck to paycheck, seniors that are looking to retire with dignity,” Kraham said. “Young families that can't yet afford a home but want a safe, quality, place to live.”
The developer, Metro Group, said rent would be around $700 to $1,000 a month, depending on the unit type and household income of renters.
The downstate developer said the project would cost $40 million. In addition to the $2 million in American Rescue Plan Act funds, $2.95 million in funding for the project comes from Restore New York, a state program. Metro Group also indicated they would seek a PILOT or payment-in-lieu-of-taxes agreement.
Construction is planned to start in 2025.