Officials Call for Support for Downtown Affordable House Project

Officials from both Binghamton and Broome County came together today urging the state to support a $31 million housing project in downtown Binghamton as part of its pending tax credit application.

Binghamton Mayor Jared Kraham, along with Senator Lea Webb, Assemblywoman Donna Lupardo, County Executive Jason Garnar, members of the Broome County Legislature, Binghamton City Council and Executive Director and CEO of The Agency and Greater Binghamton Chamber of Commerce Stacey Duncan, all voiced support for the Stadium Lofts project in the hopes of being selected as a recipient through the Low-Income Housing Tax Credits (LIHTC) program.

Stadium Lofts is a project by Kearney Realty & Development Company and is applying for project support through the LIHTC program. This program allows the State to issue tax credits to developers to support construction of rental housing targeted to lower-income households. Stadium Lofts is the only affordable housing tax credit application this round from Broome County.

"There is no greater need in Binghamton than housing. The City developed a plan for the Stadium District and shared a vision for what we wanted this neighborhood to become. We secured the future of our minor league baseball team so families have a reason to walk these blocks for another generation. We are spending millions to rebuild infrastructure and make the investments this area deserves. Few projects anywhere in New York arrive this ready or with this much momentous and bipartisan support behind them. We are asking the State to help finish the job and build that vision with us," Mayor Kraham said in a statement.

The project is a $31 million mixed-use Stadium Lofts affordable housing project that calls for 65 units to be built at 180 Henry Street and nearby vacant lots near Mirabito Stadium. These units will be reserved for households at 30 to 80 percent of the area median income.

So far, the City of Binghamton has earmarked more than $400,000 of HOME Investment Partnerships Program funds to support the project and the City also transferred vacant lots on Henry and Pine to the project sponsor for $1.

Officials Call for Support for Downtown Affordable House Project

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