New York’s governor Kathy Hochul has announced the commencement of construction on a $94m renovation project at Town and Country Apartments in the City of Binghamton, US, aiming to enhance affordable housing options in the region.
The project includes the complete electrification of the 256-unit garden-style affordable housing complex and is part of the governor’s broader initiative to create or preserve 100,000 affordable homes across the state.
Hochul said: “By renovating Town and Country Apartments, we are creating quality, sustainable, modern homes across the Southern Tier and demonstrating how we are utilising every tool in our toolbox to address our housing crisis.
“We are grateful to our partners in Binghamton, one of New York’s first Pro-Housing Certified municipalities, for their continued commitment to growing and improving the supply of housing throughout the city.”
The project will see the transformation of all units within the existing 22-building complex, with upgrades to flooring, windows, appliances, and electrical fixtures.
Exterior renovations will address roofs, concrete, asphalt, and landscaping, alongside essential environmental remediation efforts.
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By GlobalDataThe overhaul also encompasses a shift to fully electric heating, cooling, and hot water systems, expected to cut energy usage by 20%.
New York State Homes and Community Renewal (HCR), under government administration, has aided the development of more than 1,260 affordable homes in Broome County over the past five years.
Town and Country Apartments is a continuation of this commitment, aligning with the governor’s $25bn five-year Housing Plan.
All apartments will cater to households earning no more than 60% of the area median income.
The project’s financial backing includes $70.9m from HCR’s Multifamily Preservation Program, with its State Low Income Housing Tax Credit Program anticipated to contribute $16m in equity.
Additionally, 98 units will benefit from rental assistance through the US Housing and Urban Development’s Section 8 Housing Assistance Program.
A $3.2m subsidy loan through HCR’s Clean Energy Initiative programme, in collaboration with the New York State Energy Research and Development Authority, further supports the initiative.
Vesta Corporation, a real estate company, has taken ownership of the complex at the construction’s commencement, with US Bancorp Impact Finance, a subsidiary of U.S. Bank, handling the tax credit equity syndication.
