Mayor Kraham Announces $40M Affordable Housing Project on Clinton Street

102-Unit Mixed-Use Building Planned in First Ward

(BINGHAMTON, N.Y.)—Mayor Jared M. Kraham on Wednesday announced plans for a $40 million affordable and workforce housing project at 187 Clinton St. in Binghamton's First Ward.

Mayor Jared M. Kraham said: "Affordable housing is crucial to creating a resilient and thriving city. This investment delivers on our commitment to make safe, quality housing more accessible for all residents and enhance the overall quality of life in our neighborhoods. The project in Binghamton's First Ward will also help revitalize Clinton Street and unlock its full potential."

The Metro Group, a development firm based in Patchogue, NY, plans to construct a multi-story building with 102 apartments and commercial space on the ground floor.

The 3.9-acre vacant lot at 187 Clinton St. was once home to the Vail Ballou printing company and, more recently, a Broome County Department of Motor Vehicles office. Both buildings have been demolished.

Rob Muchnick, President of The Metro Group, said: "I am grateful to the City of Binghamton and Mayor Kraham for their leadership and advocacy around affordable housing. Where other communities take years to advance affordable housing projects, the City worked with me every step of the way to secure funds and advance approvals."

The new housing development will include a mix of one-, two- and three-bedroom units for low- and moderate-income residents.

The City is allocating $2.2 million in American Rescue Plan Act (ARPA) funds to support the project. The City's investment will be used to fund necessary pre-development activities, including environmental testing and remediation.

Late last year, the project was awarded $2.95 million in Restore NY funding to support construction costs.

Following completion of pre-development activities, The Metro Group will advance an application for New York State Brownfield Cleanup Program tax credits and Low-Income Housing Tax Credit financing through the New York State Office of Homes and Community Renewal.

Pre-development activities are planned to begin this year, with a groundbreaking expected in 2025.