Affordable Rental Apartments Coming To Four NYS Areas Including Binghamton
Governor Kathy Hochul announced on October 6th, $6.7 million in funding has been secured to create 52 affordable rental apartments for five New York State areas in four cities including Syracuse, Rochester, Wilmington and Binghamton according to New York State Governor Kathy Hochul.
The awards are provided through New York State Homes and Community Renewal’s Small Rental Development Initiative provided the awards. The SRD supports the creation and preservation of multi-family rental developments with five to 20 apartments.
As we work to boost the supply of affordable housing across our state, investing in small rental buildings is an important part of our efforts. With the current housing crisis impacting our communities, my administration is committed to using every tool we have to provide the quality, affordable housing that New Yorkers deserve. - New York State Governor Kathy Hochul
Specifically for the Binghamton area, $784,000 will be allocated for new construction of 12 homes in two six-unit buildings on Munsell Street. The NYS Governor's Office notes that all apartments will be affordable to households earning 80 percent or less of the Area Median Income
The Small Rental Development Initiative funds were awarded to not-for-profit organizations that own, develop, and manage small rental development housing.
New York State Governor Kathy Hochul's $25 Billion Comprehensive Housing Plan is designed to create or preserve 100,000 affordable homes throughout New York State and these affordable housing rental apartment awards throughout the state are a part of that plan.
In Syracuse, $2 million will be allocated to preserve and rehabilitate 13 homes on South Salinas Street, and $1 million is earmarked for the new construction of five homes in a building at 101 Oak Street.
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