Broome County Land Bank to rehabilitate homes with federal stimulus funding
VESTAL, NY (WSKG)—The Broome County Land Bank voted Tuesday to accept a $2 million grant from the City of Binghamton. The money comes from the city’s $46 million American Rescue Plan Act allotment.
The land bank will use the money to save roughly a dozen properties on Broome County’s tax foreclosure list. Properties sold at the county’s foreclosure auction often go to real estate developers or end up demolished.
The land bank will instead rehabilitate and sell them to low-to-moderate income families.
The money was initially allocated under former Binghamton Mayor Rich David’s administration. He joined the land bank’s board of directors earlier this year.
David said the city and land bank worked together with the county to identify eligible homes.
“And really maximize properties that will have the largest impact with regards to improving neighborhoods, promoting homeownership in these respective communities,” David said.
Properties in the land bank’s affordable homes program typically go to first-time homebuyers.
“This is a model for what land banks and municipalities across the state can do together, and we very much appreciate that the city has made this strong commitment to affordable housing,” said Aaron Martin, chairman of the land bank’s board.
The organization will also get $300,000 from Broome County’s ARPA fund. That money will go to demolish properties too damaged to save.