Empire Property Management Binghamton Ny
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Empire Property Management Binghamton Ny
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Affordable Housing Development Helps To Revitalize Binghamton, N.y.| Housing Finance Magazine
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2, 484sf of retail space for lease on busy Upper Front Street. Join Anytime Fitness, Moe’s Southwest Grill, Jersey Mike’s Subs and Verizon.
News — Gary Libecap
The above information comes from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantees or representations about it. It is submitted subject to the possibility of errors, omissions, changes in price, lease or other terms, prior sale, lease or financing or withdrawal without prior notice.
Enter your email and we will email you all the attached pdfs. You can also download each pdf from the list below. Dennis Dunda Eleven buildings were renovated as part of the Binghamton Gateway development, which provides 37 affordable housing units for low-income residents in Binghamton, N.Y.
Developer First Ward Action Council renovated 11 buildings on the city’s Front Street and built a new mixed-use building with two commercial retail spaces as well as 10 residential units on the site of the former historic Lincoln Hotel, which was destroyed by fire.
Binghamton Gateway also includes six units designed to support people with physical disabilities. The Southern Tier Independence Center will provide services for those residents.
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“The project is the right thing to do: provide attractive housing, remove blight on the main road into town and help create a better business environment,” says Jerry Willard, executive director of the First Ward Action Council. “It’s been a lot of work, but we’ve had a lot of help from Governor Cuomo’s housing and economic teams, financial institutions, government officials and the many consultants and contractors who have helped us put Binghamton Gateway together.”
In an area hit hard by Tropical Storm Lee in 2011, the development is also focusing on resilience, with stormwater management infrastructure, reinforced bracing for exterior walls and raised mechanical and electrical systems to protect against flooding.
The $12.3 million development also benefited from disaster recovery funding. The New York State Home and Community Rebuilding Single Funding Program has provided nearly $7 million in federal funding for community disaster recovery. The state also provided a Low Income Housing Tax Credit (LIHTC) grant, weatherization funding and a loan from the Housing Trust Fund Community Investment Fund. Enterprise Community Investment syndicated the LIHTCs, with M&T Bank as an investor. Additional funding included Binghamton RESTORE funds and an Empire State Development grant.
“Our ability to combine our funding mechanisms into one source provides a powerful benefit to communities and developers looking to launch worthwhile projects,” said James S. Rubin, New York State Commissioner of Homes and Community Renewal. “For Binghamton Gateway, a sustainable, storm-proof housing complex, we congratulate and thank our development and government partners for the critical role they played in creating these new affordable homes.”
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Christine Serlin is an editor for Affordable Housing Finance, Multifamily Executive and Builder. She has covered the affordable housing industry since 2001. Prior to that, she worked at several daily newspapers, including the Contra Costa Times and the Pittsburgh Tribune-Review. Connect with Christine at [email protected] or follow her on Twitter @ChristineSerlin.
While the demand for apartments is high, there is no shortage of obstacles for investors to increase the supply; one lender works to remove financial barriers. Unused former Endicott Public School converted into 61 mixed-income apartments including 15 homes with supportive services for formerly homeless families
Governor Kathy Hochul today announced the completion of the $22 million transformation of the underutilized Henry B. Endicott School building into 61 affordable apartments in the Village of Endicott in Broome County. Now known as Endicott Square, the project includes 15 apartments for formerly homeless families who will have access to on-site support services.
“Vacant and underutilized properties are prime targets for redevelopment because they help revitalize neighborhoods, provide additional housing options and improve quality of life for the entire community,” Governor Hochul said. “The path forward as we rebuild after the pandemic requires more investment in safe, supportive housing like Endicott Square. We will continue these efforts in communities across the Southern Tier and statewide.”
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The two-story, 77,000-square-foot Henry B. Endicott School was originally built in 1927. The Greater Binghamton Regional Council’s South Row Economic Development Fund has named the building’s renovation a priority project.
Endicott Square consists of 43 one-bedroom apartments and 18 two-bedroom apartments. Fifty-one apartments are affordable to households earning at or below 60 percent of the area median income, and ten apartments are for households earning up to 90 percent of the AMI. There are seven fully accessible and adapted apartments for people with mobility difficulties and three fully accessible and adapted apartments for people with hearing and visual impairments.
15 households will have access to on-site support services provided by the YWCA of Binghamton and Broome County. Approximately $375,000 annually in services is provided by the Empire State Supportive Housing Initiative and administered by the New York State Office of Mental Health.
Building amenities include shared laundry, bulk storage, common room, playground and outdoor patio. Endicott Square is located in a residential area with commercial businesses and shops nearby.
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State funding for the development is through New York State Homes and Community Renewal’s federal and state low-income housing tax credits that generated $15.9 million in capital and an additional $2.4 million in grants. The Greater Binghamton Fund awarded $3 million to the project through the Upstate Revitalization Initiative. Additional financing was provided by NBT Bank.
Trustee RuthAnne Visnauskas said, “The redevelopment of the former Henry B. Endicott School into affordable housing brings new life and activity to the rural Jackson Avenue corridor. By providing 61 much-needed affordable homes, Endicott Square is a smart investment that will benefit the community by reducing homelessness and helping growing local economy. We are grateful to have a partner like Housing Visions who shares our mission of providing quality, affordable and affordable housing to New York City families.”
OMH Commissioner Dr. Ann Sullivan said, “The supportive housing units at Endicott Square will enable at-risk New Yorkers to live in their own safe and stable homes. New York’s Empire State Supportive Housing Initiative is once again offering housing with services that will bring better health outcomes and enable more New Yorkers living with mental illness to become valuable contributors to their communities.”
Empire State Development Chief Operating Officer and Executive Deputy Commissioner Kevin Younis said, “The Greater Binghamton Fund leverages public funds with private investment to support projects like the transformation of this underutilized former high school,” “The Endicott Square Adaptive Reuse Project is part of that targeted strategy which is focused on the rebirth of long-neglected urban areas in Endicott, Binghamton and Johnson City.Through the fund, we further catalyze efforts to repurpose these historic buildings, creating cultural centers, jobs and affordable housing–all of which will foster long-term regional investment and sustainability. “
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Ben Lockwood, president and CEO of Housing Visions Unlimited, said: “This building has a long and proud history of service to this neighborhood, and adaptively redeveloping this property into residential housing ensures that for the next generation. It represents an ideal strategy to encourage housing stabilization referred to in the Endicott County Revitalization Plan.”
Endicott Village is part of the state’s unprecedented $20 billion five-year housing plan to make housing affordable and fight homelessness by building or preserving more than 100,000 affordable homes and 6,000 homes with supportive services. Over the last decade, In the Southern Tier has invested more than $276 million to finance nearly 2,900 affordable apartments in multifamily developments.
Senator Fred Akshar said, “Safe, stable and affordable housing is an essential step in helping break the cycle of poverty and helping those in need in our community get back on their feet, back into the workforce and onto a path to success.”
Assemblywoman Donna Lupardo said, “I would like to thank NYS Homes & Community Renewal, Housing Visions and the YWCA of Binghamton and Broome for their leadership in bringing this important development to Endicott Village. Endicott Square is repurposing a former school building with 61 units, 15 dedicated to those who at risk of homelessness with support services This type of accommodation is very much needed in our community and I would especially like
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