Thursday, January 16, 2025 – Governor Kathy Hochul today announced that construction has begun at Town and Country Apartments, a 256-unit affordable housing development in the city of Binghamton. The $94 million project will renovate all units in the existing 22-building garden-style complex, including full electrification of the entire development. In the past five years, New York State Homes and Community Renewal (HCR) has financed the creation of more than 1,260 affordable homes in Broome County.
“By renovating Town and Country Apartments, we are creating quality, sustainable, modern homes across the Southern Tier and demonstrating how we are utilizing every tool in our toolbox to address our housing crisis,” Governor Hochul said. “We are grateful to our partners in Binghamton, one of New York’s first Pro-Housing Certified municipalities, for their continued commitment to growing and improving the supply of housing throughout the city.”
All apartments at Town and Country will be reserved for households earning 60 percent or less of the Area Median Income. Upgraded flooring, windows, appliances and electrical fixtures will be updated in each unit. The renovations also include replacing exterior roofs, repairing concrete and asphalt, updated landscaping and environmental remediation. The complex’s heating, cooling and hot water will be converted to fully electric and, as a result, total energy use will be reduced by 20 percent across all buildings. Every apartment will be equipped with ENERGY STAR® appliances.
The project is supported by $70.9 million from HCR’s Multi-family Preservation Program, and its State Low-Income Housing Tax Credit Program is expected to generate $16 million in equity. The project’s developer is Vesta Corporation, which acquired the Town and Country Apartment complex at construction closing. Tax credit equity was syndicated by U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank.
“Vesta’s roots are in the preservation of affordable housing, which we have participated in for more than 40 years,” said Vesta Corporation Executive Vice President Joshua Greenblatt. “We are thankful for the eager participation of all of the stakeholders to provide the resources necessary to accomplish this ambitious rehabilitation – from the US Department of Housing and Urban Development, to the State of New York, to the Broome County IDA, to the city of Binghamton.”