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Woodburn Court Apartments face expiration of PILOT Aggreement

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Woodburn Court Apartments, has provided subsidized housing to elderly disabled residents since 1977. This is due to a Payment in Leu of Taxes, or PILOT agreement. But with the deal set to expire in 2017, residents like are Jesse concerned about their future.

"And I love living here, I love the people, I love the building, I love the staff that works here and now we're being told that we might have to leave, and I thought that this was gonna be the last house on the block for me, that I'd never have to move again." - Jesse, Resident of Woodburn Court

A recent letter from Beverly Hills based Real Estate Investment to the residents of Woodburn Apartments warned that the government subsidy may not be available. That's if the city fails to come to an agreement, a move the mayor believes is a "scare tactic"

"It was sudden to learn that they sent a letter out which I think was all part of a campaign or a tactic to try to create leverage against the city of Binghamton." - Mayor Rich David

BVLD Capital, the firm that purchased the building in October of last year, could not be immediately reached for comment, but have called for the renewal the 40 year old pilot agreement. This, however, is a move the City of Binghamton cannot afford without violating its constitutional tax authority.
In order to extend the PILOT agreement, the owner from California needs to meet with the City, but so far, no such meeting has happened.

While private negotiations are underway and 40 year pilot is not an option...the city is exploring other financial incentives to protect current senior housing options.