• Home

Binghamton, Woodburn Court Agree to Tax Deal

Posted:
By Fox 40 Staff.
Binghamton Mayor Rich David says the city has an agreement with the owners of Woodburn Court one to secure affordable senior housing.

The agreement was broken up into four main parts: inspections and repairs to all individual and common areas, a 20-year Payment in Lieu of Taxes, or PILOT, Agreement, a ten-year, one million dollar capital improvement plan, and the owners will advance a housing assistance payments contract with housing and urban development to secure rent subsidies for residents at the facility.

Mayor Rich David said, "The issue is not what is the condition of the facility today. The issue is that this is a 20 year agreement, so we want to make sure that over the course of that time improvements continue to be made so in the future it's still quality affordable housing."

The new agreement calls for more than $632,000 in payments to the city over the next 20 years than if Binghamton had extended the terms of the old PILOT agreement.