Revitalizing Clinton Street: Binghamton announces First Ward affordable housing project
The city of Binghamton announced plans Wednesday to develop more than 100 units of affordable housing in the city’s First Ward.
“Affordable housing is crucial to creating a resilient and thriving city,” Binghamton Mayor Jared Kraham said in a press release announcing the project.
“This investment delivers on our commitment to make safe, quality housing more accessible for all residents and enhance the overall quality of life in our neighborhoods. The project in Binghamton’s First Ward will also help revitalize Clinton Street and unlock its full potential.”
How much will rent cost at Clinton St. complex? How big are the units?
The multi-story structure will consist of 102 units of “affordable and workforce housing” at 187 Clinton St., a 3.9-acre empty lot that was formerly home to Vail Ballou printing company and a Broome County Department of Motor Vehicles office, both of which have been demolished.
The new development will consist of a mix of one-, two- and three-bedroom units for low- and moderate-income residents with commercial space on the ground floor.
City officials did not announce estimated rent costs.
More: Why Binghamton schools rejected a planned apartment complex at this empty downtown lot
Timeline: How project came together, what's next
The $40 million project will be led by the Long Island-based Metro Group and subsidized with $2.2 million in American Rescue Plan Act Funds allocated to the city by the federal government to boost municipal recovery efforts from the COVID-19 pandemic.
Late last year, the project was awarded $2.95 million in Restore NY funding to support construction costs.Following completion of pre-development activities, The Metro Group will advance an application for New York State Brownfield Cleanup Program tax credits and Low-Income Housing Tax Credit financing through the New York State Office of Homes and Community Renewal.
Pre-development activities are planned to begin this year, with a groundbreaking expected in 2025, according to the city.
More: Crowley Factory Lofts moving forward on South Side. What we know about latest developments
Other housing plans underway in Binghamton
This announcement comes shortly after plans moved another step forward to transform the former Crowley Dairy building at 135 and 149 Conklin Ave. into 48 market rate apartment units on the second and third floors, plus commercial space on the ground floor.
Developers partnered with the City of Binghamton on a $2 million Restore New York grant in support of the project, and another box was ticked in August when the Broome County IDA approved a 20-year PILOT agreement including tax exemptions up to around $2.4 million.
At the proposed Apex at Water Street project, 120 market rate, one-bedroom and two-bedroom housing units and six workforce apartments are planned at the former site of the Boscov's parking garage, along with a new, 486-space parking garage. That project was put on pause after Binghamton City School District board members unanimously voted against a major tax break for it in July, sending plans back to the drawing board.
This article originally appeared on Binghamton Press & Sun-Bulletin: Affordable housing project announced for Binghamton's First Ward
