New York Construction Report staff writer
Construction has started on the Town and Country Apartments, a $94 million project to renovate a 256-unit affordable housing development in Binghamton. This redevelopment will modernize the existing 22-building garden-style complex, making it more sustainable with full electrification and extensive updates to the units.
Vesta Corporation, the project’s developer, acquired the Town and Country complex during construction closing, with U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, syndicating the tax credit equity.
Over the last five years, New York State Homes and Community Renewal (HCR) has helped create more than 1,260 affordable homes in Broome County, and the Town and Country Apartments project is the next step.
In addition to new flooring, windows, and appliances, each unit will undergo a major upgrade to its electrical fixtures. The renovation will also include roof replacements, concrete and asphalt repairs, landscaping improvements, and environmental remediation. As part of the project’s green initiatives, heating, cooling, and hot water systems will be fully electrified, reducing overall energy consumption by 20%.
This project is primarily funded by $70.9 million from HCR’s Multi-family Preservation Program, along with $16 million in equity generated by the State Low Income Housing Tax Credit Program. Also, the City of Binghamton is contributing $3 million in American Rescue Plan Act funding.
“This $94 million investment will preserve an essential part of the Binghamton community, ensuring that 256 households have access to safe, modern, and sustainable homes,” said New York State Homes and Community Renewal Commissioner RuthAnne
This project is part of a broader housing agenda, which includes the $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide. As part of her 2025 State of the State, Governor Hochul proposed additional investments in affordable housing, including new tax incentives, a revolving loan fund for mixed-income developments, and measures to improve homeownership affordability.
A $500 million capital fund has also been announced for state-owned property development and new protections for renters.