Construction Proposed for 1st Ward Lots

New Home Construction Proposed for Vacant First Ward Lots

Community Asset Preservation Corporation Plans to Build Single-Family Homes for Income-Eligible Residents

(BINGHAMTON, N.Y.)-Mayor Jared M. Kraham on Tuesday announced 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.

Mayor Kraham said: "With this partnership, we're turning vacant lots into new affordable homeownership opportunities for Binghamton families. 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."

The City plans to sell the following lots to CAPC for $1 each: 25 Lydia Street, 29 Lydia Street, 60 Dickinson Street and 199 Murray Street.

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.

New Jersey Community Capital President & CEO Bernel Hall said: "The City of Binghamton brings real vision and expertise to housing development. CAPC is proud to partner with Mayor Kraham and his team to create new opportunities for homeownership in Binghamton. This collaboration is a model for how cities and nonprofits can work together to strengthen neighborhoods, and we're excited to grow our relationship with the City."

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.

Senator Lea Webb said: "The Block by Block program is an incredible opportunity for Binghamton to transform blighted or vacant properties into quality and affordable homes for hardworking families. Through this program we are not only building houses but also strengthening neighborhoods and creating stability for future generations. I'm proud to see our community benefit from this program. Thank you to the Community Asset Preservation Corporation for participating in the program and for their commitment to revitalizing the First Ward."

Assemblywoman Donna Lupardo said: "Our Block by Block program is designed to rebuild vacant and empty properties one block at a time. I'm glad to see the City of Binghamton taking advantage of this initiative that will help income-eligible, first-time homebuyers purchase their own homes. Home ownership not only builds equity, it builds strong community ties and long term stability."

CAPC is a New Jersey-based non-profit that works to stabilize neighborhoods by acquiring and redeveloping vacant and abandoned properties, returning them to productive use as quality, affordable homes.

The organization has created or preserved more than 2,800 units of housing since 2009, with $27.9 million invested in New York State projects alone.

Legislation on the sale of the properties was introduced at Monday's City Council work session.