Renovations are underway at Binghamton’s Town and Country apartment complex following Gov. Kathy Hochul’s announcement of the $94 million project on Jan. 16. Local officials say the planned upgrades will provide quality, affordable housing for North Side residents.

Comprised of 22 buildings, the complex will see 256 renovated units, with interior renovations including new electrical fixtures, windows, floors and ENERGY STAR appliances. Efforts to address the buildings’ exteriors will include updated landscaping, roof replacement and concrete repairs. According to Hochul’s office, converting the complex to electric heating, cooling and water will reduce energy use by 20 percent across all buildings.

“These much-needed upgrades, including full electrification and modernization, will provide residents with safe, sustainable and modern homes they can be proud of,” said State Sen. Lea Webb ‘04.

Residents living in the buildings under renovation were moved to vacant units on the property. Moving costs were covered by the project’s developer, Vesta Corporation, a Connecticut-based housing owner, developer and manager that purchased the complex in November.

According to Joshua Greenblatt, a Vesta executive vice president, the previous owner — reported as real estate development group Exact Capital as of 2022 — began working on a financing package, which was ultimately not completed. Vesta was able to take over and pull together the required funds to advance the project.

“We are excited to be part of the future of Town and Country Apartments,” Greenblatt said. “We understand the property has had some issues in the past. We first became involved, or aware, of the property when someone brought it to us in July of this year and have worked diligently to line up the necessary financing to preserve this important affordable housing resource in the city.”

Greenblatt highlighted the company’s experience with local stakeholders, the governor’s office and elected officials — like Binghamton Mayor Jared Kraham, who Greenblatt said they have had regular contact with.

Kraham thanked Hochul, New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas and the project’s other partners in a press release. Over 70 million dollars in funding for the development comes from the Homes and Community Renewal’s Multi-family Preservation Program, and the project’s State Low Income Housing Tax Credit Program is set to make $16 million in equity.

The U.S. Department of Housing and Urban Development’s project-based Section 8 Housing Assistance program is likely to provide rental assistance for 98 units. Homes and Community Renewal is also expected to award the development a $3.2 million subsidy loan through their Clean Energy Initiative program, established through a partnership with the New York State Energy Research and Development Authority.

The City of Binghamton provided $3 million in funding from the American Rescue Plan Act, which offered relief following the COVID-19 pandemic. Kraham said he is hopeful the initiative will positively impact the entire North Side area.

“This project represents the single most important housing investment in recent memory, transforming one of our area’s most neglected and troubled apartment complexes into safe, quality, affordable housing for hundreds of families,” Kraham said. “It will revitalize Binghamton’s North Side and improve the quality of life for those who live here and the thousands of residents who call the surrounding neighborhoods home.”

According to Kraham, past owners have let the property slip into disrepair, affecting the North Side’s reputation. He said the Town and Country residents are not to blame, sharing that roughly half the units — over 100 — were empty when Vesta stepped in. These vacant apartments speak to the severity of the living conditions at the complex, Kraham added. The updated units will be for those with household incomes less than 60 percent of the area median income.

Nate Hotchkiss ‘12, a city councilmember serving the fourth district, said he heard several horror stories from his constituents at the complex in an interview with Pipe Dream. He characterized the housing quality as a detriment to residents’ health. While several press statements have been released regarding apartment renovations over the years — one of these as recent as 2019 — Hotchkiss said the state funding will prevent this project from falling through.

“It’s unacceptable that Town and Country was allowed to deteriorate to such a degree, leaving residents in dire conditions and a critical shortage of housing in our city,” Hotchkiss wrote to Pipe Dream. “This investment marks a crucial turning point, and I am optimistic that these renovations will restore dignity to the residents and provide the quality affordable housing our community so desperately needs.”

The project is expected to be completed in 2028, with the first 47 units finished by November.

“We’re not giving up,” Kraham said. “The North Side deserves better, and we’re building that better future together, day by day.”