The City of Binghamton is investing $ 2 million in rehabilitating dilapidated properties, turning them into opportunities for first-time buyers.
The City is partnering with Broome County Land Bank to fund the reclamation of foreclosed and abandoned properties.
In the past, the municipality has worked with the Property Rehabilitation Agency to oversee the demolition of properties acquired by the Land Bank. The Land Bank’s affordable housing program has already repaired four properties in the city.
The latest move allowed the city to use American Rescue Plan Act money to fund the full rehabilitation of dilapidated single-family properties that will be sold to homeowners with qualifying income.
The City says the $ 2 million investment will initially fund up to ten full house rehabilitations. Future projects would be financed by funds recovered from the sale of prefabricated housing.
The first property on the list is at 15 Birch Street on the south side.