Binghamton designated for priority NY housing funding
The city of Binghamton is eligible for a part of $650 million in state discretionary funding after being designated a Pro-Housing Community by New York Gov. Kathy Hochul.
Binghamton is one of the first 20 Pro-Housing communities in the state, giving the city priority consideration to seek funding for housing and programs such as the Downtown Revitalization Initiative.
More than 60 other communities have applied, Hochul's office said.
According to City of Binghamton Mayor Jared Kraham, housing has been and will continue to be a top priority for the city.
"We have been trying to be on the cutting edge of housing policy here in Binghamton — cutting through red tape and trying to be a very attractive place for developers and nonprofits to develop new units of housing," said Kraham. "In doing that, we have done a lot of the things that the state and the governor have looked at municipalities to do: updating zoning codes and not having a 'not-in-my-backyard' attitude towards all types of housing."
According to Kraham, the designation is a signal to the private sector that Binghamton is a place open to new housing, and not one where developers will get stuck in bureaucracy. Kraham said developers can get approval to build in Binghamton in as little as 60-90 days, which can be a draw for companies looking to build housing in a city.
Kraham said a key part of the initiative is to provide different types of housing. He said it is important to build both affordable housing, more upscale housing for young professionals, single-family homes and housing for seniors. Kraham said housing shortages cause people to avoid selling, creating stagnation in the housing market. This effect cascades into increasing prices, which makes it hard for any new buyer to enter the market.
The Pro-Housing Community will give Binghamton priority over other cities when it comes to applying for funding from several state programs. Kraham mentioned both the Downtown Revitalization Initiative and New York Main Street programs as appealing prospects moving forward, and said the city has applied to both.
"This puts Binghamton at a huge advantage, specifically in the short term, where we are not necessarily competing against all municipalities in New York State, but just those who have received this certification," said Kraham. "This certainly ups our chances at receiving this discretionary money."
In a Wednesday press release, Hochul expressed hope for the program, and a willingness to collaborate with cities for housing moving forward.
“Everybody wants to be part of this, and I believe that this is going to be a turning point for our State," said Hochul. "We want to work with you. We want to help identify sites, we want to help you with the infrastructure. We want to help you figure out a way that we can continue to grow and meet the demands of our residents, and also tackle that affordability crisis that we have. A housing crisis is driven – the affordability crisis is driven by the housing crisis.”