Governor Hochul Announces Renovations Underway on 256 Affordable Apartments in Binghamton

Governor Hochul Announces Renovations Underway on 256 Affordable Apartments in Binghamton

Governor Kathy Hochul today announced that construction has begun at Town and Country Apartments, a 256-unit affordable housing development in the city of Binghamton. The $94 million project will renovate all units in the existing 22-building garden-style complex, including full electrification of the entire development. In the past five years, New York State Homes and Community Renewal (HCR) has financed the creation of more than 1,260 affordable homes in Broome County. Town and Country Apartments continues this effort and complements the Governor's $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.

"By renovating Town and Country Apartments, we are creating quality, sustainable, modern homes across the Southern Tier and demonstrating how we are utilizing every tool in our toolbox to address our housing crisis," Governor Hochul said. "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."

All apartments at Town and Country will be reserved for households earning 60 percent or less of the Area Median Income. Under the project, upgraded flooring, windows, appliances and electrical fixtures will be updated in each unit. The renovations also include replacing exterior roofs, repairing concrete and asphalt, updated landscaping and environmental remediation. The complex's heating, cooling and hot water will be converted to fully electric and, as a result, total energy use will be reduced by 20 percent across all buildings. Every apartment will be equipped with ENERGY STAR® appliances to support cleaner living and energy efficiency.

The Town and Country Apartments project is supported by $70.9 million from HCR's Multi-family Preservation Program and its State Low Income Housing Tax Credit Program is expected to generate $16 million in equity.

Ninety-eight units are expected to receive rental assistance through U.S. Housing and Urban Development's project-based Section 8 Housing Assistance Program. The development was awarded an estimated $3.2 million subsidy loan through HCR's Clean Energy Initiative program, created in partnership with the New York State Energy Research and Development Authority. The city of Binghamton provided $3 million in American Rescue Plan Act funding to support the project. The project is expected to obtain a Payment in Lieu of Taxes Agreement with the Broome County Industrial Development Agency.

The project's developer is Vesta Corporation, which acquired the Town and Country Apartment complex at construction closing. Tax credit equity was syndicated by U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "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. Across the state, we are committed to projects like this that allow us to replace aging, substandard housing with high-quality, modern homes so that we can help improve the quality of life for residents while enhancing entire neighborhoods. We thank our partners on this project who share our commitment to solving the housing crisis, including the city of Binghamton, which was one of the first municipalities to become certified under our Pro-Housing Communities program."

New York State Research and Energy Development Authority President and CEO Doreen M. Harris said, "Modernization efforts to transform existing buildings into clean and comfortable affordable housing will make a positive impact in the lives of New Yorkers, like we see here in the city of Binghamton. It is essential that we continue to retrofit existing structures with innovative efficiency solutions as New York State works to secure a resilient and sustainable future."

Senate Minority Leader Charles Schumer said, "It's the start of the new chapter for Binghamton's Northside. For too long the aging units of the Town and Country apartments have created a headache for residents, with outdated infrastructure and vacant buildings in desperate need of repair. One of my first acts as Majority Leader was leading the American Rescue Plan Act to passage in the Senate to provide historic relief to cities like Binghamton and I'm proud $3 million in federal funding from that law will help rehabilitate the Town and Country complex with the hundreds of new modern affordable housing units Binghamton has long needed. High housing costs are a key driver of inflation so we must build more affordable housing to bring down those high prices. Today begins the transformation of the community at the heart of Binghamton's Northside for new growth and economic opportunity."

State Senator Lea Webb said, "Affordable and quality housing is the foundation of a strong, thriving community, and I'm thrilled to see the start of renovations for the 256-unit Town and Country Apartments in Binghamton. These much-needed upgrades, including full electrification and modernization, will provide residents with safe, sustainable and modern homes they can be proud of. A sincere thank you to Governor Kathy Hochul, Senate Majority Leader Andrea Stewart Cousins, New York State Homes and Community Renewal, the city of Binghamton, and Vesta Corporation for making this transformative project a reality. Together, we're ensuring that more families have access to affordable, high-quality housing."

Assemblymember Donna Lupardo said, "We have awaited the complete renovation of Town and Country Apartments for a very long time. This will help the city of Binghamton meet the need for quality, affordable housing by bringing many now vacant apartments back on line. It will also help the residents of Town & Country enjoy modern and efficient apartments on the city's North Side. I'd like to thank everyone who played a part in turning this dream into a reality."

Broome County Executive Jason Garnar said, "Projects like this ensure that families have access to safe, affordable and quality homes. Thank you to Governor Hochul and New York State Homes and Community Renewal for their continued support and commitment to addressing the housing needs of Broome County."

Binghamton Mayor Jared M. Kraham said, "This project represents the single most important housing investment in recent memory, transforming one of our area's most neglected and troubled apartment complexes into safe, quality affordable housing for hundreds of families. It will revitalize Binghamton's North Side and improve quality of life for not only those who live here but also the thousands of residents who call the surrounding neighborhoods home. Getting this project off the ground has been one of my top priorities as Mayor because it delivers the vital improvements residents deserve. I'm grateful to Governor Hochul, Commissioner Visnauskas and our other partners for their commitment to this project."

Vesta Corporation Executive Vice President Joshua Greenblatt said, "Vesta's roots are in the preservation of affordable housing, which we have been participated in for more than 40 years. We are thankful for the eager participation of all of the stakeholders to provide the resources necessary to accomplish this ambitious rehabilitation - from the US Department of Housing and Urban Development, to the State of New York, to the Broome County IDA, to the city of Binghamton."

U.S. Bancorp Impact Finance Senior Project Manager Mary Anne Christopher said, "We are pleased to help restore Town and Country Apartments. We believe everyone deserves a place to call home. Our financing helps increase the availability of affordable housing and builds a foundation of financial stability for individuals and families nationwide."

Governor Hochul's Housing Agenda
Governor Hochul is committed to addressing New York's housing crisis and making the state more affordable and more livable for all New Yorkers. As part of her 2025 State of the State, Governor Hochul proposed a bold plan to make owning and renting a home more affordable. The Governor proposed bolstering the Pro-Housing Community Program by investing $100 million to support critical housing infrastructure projects and offering technical assistance grants to help communities adopt pro-housing policies. The Governor also proposed creating the State's first revolving loan fund to spur mixed-income rental development outside of New York City, as well as legislation to address rent-price fixing collusion by landlords, increasing the effectiveness of State tax credits that support affordable housing development, and extending security deposit protections that market rate tenants currently have to rent-regulated tenants. Additionally, Governor Hochul proposed new steps to make homeownership more accessible and affordable to all New Yorkers, including by proposing funding for starter home development, first-time homebuyer downpayment assistance, disincentivizing private equity firms from buying single-family and two-family homes across the State. The State of the State also proposes increased support for supportive housing that serves some of the most vulnerable New Yorkers.

As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York's housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 50,000 homes have been created or preserved to date.

The FY25 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. Currently, more than 270 communities have been certified, including the city of Binghamton.

Contact the Governor's Office