Binghamton-area rental units to be renovated. What to know
Broome County Land Bank announced a new vacant rental program this week to assist small landlords to restore unused properties across Broome County.
As part of the 2024-2025 New York State Budget, $40 million was awarded to the Vacant Rental Program. Broome County Land Bank applied for the funding through NYS Homes and Community Renewal in October last year. As part of the program, $1.1 million will be used to renovate 15-20 rental units throughout the county, expected to be completed by 2026.
Broome County Land Bank Board of Directors Chairman Aaron Martin pointed to the progress the Land Bank has made over the past decade and the impact made on the community.
“It’s really a testament to how working together can do really great things in the community,” Martin said. “People typically think about the Land Bank in demolishing blighted properties, maybe rehabbing single-family homes for affordable home opportunities. This is the first time we are really dipping our toes into the water of helping small landlords to have access to funds to rehab their units.”
Property owners will be able to select between two awards — $50,000 per unit for the standard award and $75,000 per unit for the enhanced award. Properties selected for awards are required to follow the program obligations, including meeting an approved rental limit before construction can begin.
Similar to the 3 King Avenue project in the City of Binghamton, proposal requests will be issued to eligible purchasers or developers regarding floor plans and design, but the layout can be decided by the property owners.
The Land Bank will be working with professional construction managers to do the rehabilitation work for each project and supervise prequalified local contractors.
Local marketing firm Ideal Kraft will handle both the program and community outreach throughout the process.
The 5% project delivery fee will go directly toward future projects.
Outside 181 Hawley St. in Binghamton Tuesday, City of Binghamton Mayor Jared Kraham said the property is the first of many to be rehabilitated. The property was previously owned by landlord Isaac Anzaroot. Dozens of Anzaroot’s properties were transferred to the city as part of a court settlement.
“It’s very expensive to build new housing right now,” Kraham said, “but we have in our city a housing infrastructure of many, many, many hundreds if not thousands of vacant units that need to be repaired, restored and put back on the market.”
This program is unique in its mission to revitalize vacant, uninhabitable homes that are plaguing Broome County, officials said, and offers the community an initiative approach to the housing crisis.
“This is a different type of program the Land Bank has done,” Broome County Executive Jason Garnar said, “and I think it’s really an important program because there are a lot of homes that are in this community throughout Broome County that are underutilized.”
How to apply
The deadline for the first round of applications will close April 15. Awards will be given out until all funds are expended. Visit broomelandbank.org for more information.
How to know if your property is eligible
- Property must be vacant
- Uninhabitable and/or unmarkable
- No more than five units in the building
- Must be located in Broome County
What can the funds be used for?
- Plumbing
- Electrical
- HVAC systems
- Code compliance
- Kitchen repairs and improvements
- Lead-based paint testing and associated abatement and/or encapsulation
- Asbestos testing and associated abatement and/or encapsulation
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