Governor Kathy Hochul announced that construction is underway at Town and Country Apartments, a 256-unit affordable housing complex in Binghamton. The $94 million rehabilitation project will modernize the 22-building garden-style development, fully electrify its infrastructure, and improve energy efficiency by 20%.
The project is part of Hochul’s five-year, $25 billion Housing Plan, which aims to create or preserve 100,000 affordable homes across New York State, including 10,000 with support services for vulnerable populations. The initiative complements efforts by New York State Homes and Community Renewal (HCR), which has financed over 1,260 affordable housing units in Broome County in the past five years.
The apartments, reserved for households earning 60% or less of the area median income, will receive upgrades such as new flooring, windows, appliances, and electrical fixtures. Exterior renovations include roof replacements, concrete and asphalt repairs, updated landscaping, and environmental remediation. All units will be equipped with ENERGY STAR® appliances to promote sustainability.
“This $94 million investment is preserving an important part of the Binghamton community while ensuring 256 households have an affordable, safe, and sustainable place to call home for years to come,” said HCR Commissioner RuthAnne Visnauskas.
The development’s funding includes $70.9 million from HCR’s Multifamily Preservation Program and $16 million from the State Low Income Housing Tax Credit Program. Additional support includes a $3.2 million subsidy loan from HCR’s Clean Energy Initiative and $3 million in American Rescue Plan Act funding from the city of Binghamton.
Local officials praised the project for addressing long-standing housing needs in the region. “This project represents the single most important housing investment in recent memory,” said Binghamton Mayor Jared M. Kraham, emphasizing the improvements for the Northside community.
The project is being developed by Vesta Corporation, which specializes in preserving affordable housing. U.S. Bancorp Impact Finance is syndicating the tax credit equity.
Governor Hochul reaffirmed her commitment to addressing the state’s housing crisis, citing plans to expand affordable housing through new tax incentives, infrastructure investments, and programs to support first-time homebuyers.
The Town and Country Apartments project is expected to transform housing conditions for hundreds of families in Binghamton, aligning with statewide goals to make New York more affordable and livable for all residents.
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