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Homes and Community Renewal

State Homes and Community Renewal, Liberty Affordable Housing and Partners Mark Completion of Major Rehab of 144 Apartments for Seniors in Binghamton

 

‘100 Chenango Place’ Complements Governor Cuomo’s Southern Tier Soaring –
Region’s Successful Upstate Revitalization Initiative to Grow Economy, Create New Opportunities

New York State Homes and Community Renewal (HCR) joined Liberty Affordable Housing, Inc., CRM Rental Management and residents to celebrate the completion of the total rehabilitation and modernization of 100 Chenango Place, 144 affordable homes seniors in the Broome County city of Binghamton. The development complements Southern Tier Soaring, the Governor’s successful revitalization initiative to grow the economy and create new opportunities.

HCR Commissioner RuthAnne Visnauskas said, “Congratulations to Liberty Affordable Housing and all our partners who came together on behalf of more than 140 households who call 100 Chenango Place their home. This development not only offers renovated and modern affordable housing in the city they love, it enhances ‘Southern Tier Soaring,’ Governor Cuomo’s successful economic development strategies that are creating new opportunities throughout the region.”
The 15-story building, formerly known as ABC Towers, at 100 Chenango Street, was built in 1974. The scope of the renovation included replacement of all flooring, cabinets, closet doors and bath accessories in all apartments with Energy Star lighting and appliances, replacement of all exterior windows, replacement of the roof and modernization of the two elevators, exterior masonry restoration and waterproofing, resurfacing of the asphalt parking lot and exterior landscaping.

New York State Homes and Community Renewal funding for the $11.6 million project includes: $6 million through fixed-rate tax-exempt bonds from the Housing Finance Agency (HFA) and a $750,000 HFA subsidy loan, $4.3 million of Low Income Housing Tax Credit equity and a $2 million loan from the Homes for Working Families Program

Senator Fred Akshar said, “Quality affordable housing is critical to revitalizing communities and assuring area residents have a good place to call home. Congratulations to the seniors who live at 100 Chenango Place.”

Assemblywoman Donna Lupardo said, “As Chair of the Assembly’s Committee on Aging, I  know how important it is to have affordable housing available for seniors so that they can stay living independently in their communities. The rehabilitation of 100 Chenango Place will help seniors age in place in a safe and modern home.”

Binghamton Mayor Richard C. David said, “Affordable and quality housing for our seniors is critical to Binghamton’s long-term future. We are committed to both these residents and seniors across the City of Binghamton. With new upgrades and ongoing support from our New York State partners, a diverse range of housing investments continue as part of Downtown Binghamton’s revitalization.”

Jessica Scialdo, President and Chairperson of the Liberty Affordable Housing, Inc., Board of Directors said, “Liberty is very pleased to formally dedicate 100 Chenango Place Binghamton, to service in enhancing the quality of life and providing affordable housing to area seniors. We thank all those whose hard work and support have made this exciting project a reality.”

Accelerating Southern Tier Soaring
Today's announcement complements “Southern Tier Soaring the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $3.1 billion in the region since 2012 to lay for groundwork for the plan – attracting a talented workforce, growing business and driving innovation. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Binghamton, Johnson City and Corning as a destination in which to grow and invest.

Now, the region is accelerating Southern Tier Soaring with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 10,200 new jobs. More information is available here.​

About New York State Homes and Community Renewal
NYS Homes and Community Renewal’s (HCR) housing and community development agencies work to create, preserve and improve affordable homes and vibrant communities, in keeping with Governor Andrew M. Cuomo’s vision of a more inclusive, affordable, sustainable, and resilient New York. In 2016, HCR set a record for the third year in a row, financing the creation or preservation of more than 17,000 affordable homes and apartments, creating nearly 2,000 homeownership opportunities for first-time homebuyers, and was once again the #1 affordable housing bond issuer in the nation with $2.8 billion issued. For more information on HCR agencies, programs and initiatives, please visit: http://www.nyshcr.org/

About Liberty Affordable Housing
Liberty Affordable Housing Inc. (Liberty) is a not-for-profit developer headquartered in Rome, New York. Liberty was incorporated in 2002 and has a community-based volunteer Board of Directors with a mission to produce, protect and preserve affordable housing. Since its inception Liberty has shown the ability to complete projects it has undertaken by successfully closing on three new construction and fifteen preservation projects. In all its endeavors, Liberty seeks to positively impact communities by providing “Better Lives Through Better Housing.”

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