BINGHAMTON, N.Y. — Binghamton Mayor Jared Kraham plans to sell four vacant city-owned lots in the First Ward to Community Asset Preservation Corporation (CAPC) for the development of single-family homes for income-eligible, first-time homebuyers.
The city plans to sell the following lots to CAPC for $1 each: 25 Lydia St., 29 Lydia St., 60 Dickinson St., and 199 Murray St., according to an announcement on the City of Binghamton website.
CAPC, a subsidiary of New Jersey Community Capital, plans to build six single-family homes on the lots, with funding pursued through New York State’s Block by Block program. The nonprofit works to stabilize neighborhoods by acquiring and redeveloping vacant and abandoned properties, returning them to productive use as quality, affordable homes.
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“With this partnership, we’re turning vacant lots into new affordable homeownership opportunities for Binghamton families,” Kraham said in the announcement. “It’s another investment in our neighborhoods and a step forward in our work to grow the City’s housing stock, reduce blight and provide more residents with the chance to own their own home.”
In 2024, the City of Binghamton was one of five communities statewide made eligible for participation in the Block by Block program, which provides developers up to $300,000 for construction of a single-family home or $400,000 for construction of a two-family home.
Properties in the program must be sold to households making 60 percent of the area median income or less, the city said.
Legislation on the sale of the properties was introduced at the Sept. 8 Binghamton City Council work session.
