Broome Land Bank Offers Incentive to Develop Binghamton Apartment House
The Broome County Land Bank Corporation is offering an optional development incentive to spark interest in a City of Binghamton two-family home.
The Land Bank got the property at 3 King Avenue in 2018 from the County, which had foreclosed on the property for non payment of taxes, and is offering up to $75,000 in matching grant funds for the lot’s development. The incentive rules include requiring at least one residential unit to be offered under affordable housing guidelines.
In order to be eligible for the matching grant, the applicant must submit a development and management plan with the affordable housing unit included under the maximum rent and income guidelines for a period of ten years.
The Request for Proposals for the property can be found at www.broomelandbank.org.