A new vacant rental program was announced by the Broome County Land Bank, a local nonprofit with the goal of fostering community and economic development by removing blight and managing underutilized properties, to help local landlords renovate unoccupied rental units across Broome County.

Forty million dollars was awarded to the program through the 2024-25 state budget, with funding allocated by the Housing Trust Fund Corporation’s Office of Community Renewal for the Vacant Rental Improvement Program. The program supports the rehabilitation of unoccupied or uninhabitable rental spaces, aiming to boost the number of properties available for low- and moderate-income renters residing outside of New York City.

The Broome County Land Bank applied for funding last fall through the state’s Homes and Community Renewal program and was awarded $1.1 million.

“HCR was happy to award the Broome County Land Bank more than $1 million as part of our new $40 million Vacant Rental Improvement Program,” said RuthAnne Visnauskas, the New York State Homes and Community Renewal commissioner, in a press release. “We are thrilled to see them quickly put these resources to use transforming up to 20 vacant rental units throughout the County into safe, affordable places to live.”

“By launching this crucial effort, the Land Bank will revitalize neighborhoods, improve housing options, and support local property owners,” she continued. “This is a win-win for residents, landlords, and the entire community. We look forward to seeing the results.”

Renovations eligible for this program include health and safety advancements, accessibility changes, space updates to meet residential standards and fixing code violations, among other repairs that may be deemed necessary.

The Land Bank is looking for interested property owners who meet their qualifications and have vacant or otherwise unoccupied rental spaces that could benefit from funded repairs. Contractors interested in completing the renovation work are encouraged to apply.

Property owners will have the chance to select between a $50,000-per-unit standard award and a $75,000-per-unit enhanced award when applying, and those selected will be required to adhere to program obligations like maintaining taxes and utility payments.

“This program will allow new units to hit the market and upgrade our housing infrastructure to support neighborhood revitalization,” said Binghamton Mayor Jared Kraham. “By activating currently vacant units, we can better utilize our existing housing stock and enhance quality of life for families. This partnership marks the latest collaboration between the City of Binghamton and Land Bank as we strive to stabilize blocks, invest in housing, and restore neighborhood integrity.”

Broome County Executive Jason Garnar ‘99 stressed the importance of the program, mentioning the large number of underutilized homes throughout the county. A 2024 Broome County Housing Needs Assessment found that the apartment vacancy rate in the county is below a healthy level, and demand is outpacing available supply.

Idea Kraft, a New York-based creative agency firm that builds award-winning brands and websites, will be assisting with the Land Bank’s community and program outreach. Applications are open through April 15 on the Land Bank’s website.

“While there are several existing homeowner repair programs in our area, this is the first opportunity to assist local private rental property owners with small grants to bring vacant, blighted units back online in an effort to increase the housing stock in our community,” said Jessica Haas, executive director of the Broome County Land Bank, in a press release. “I would like to thank New York State Homes and Community Renewal for this funding opportunity and the Land Bank is looking forward to directly assisting our community’s mom-and-pop landlords.”