News

City Turning Former Eyesore into State's First Straw Bale Affordable Home
6/1/2009

City Council tonight will consider legislation that will allow the City to build New York State's first publicly-financed straw bale affordable home at 47 Mary Street.

The City secured the required funds through its Restore NY Round II grant.

“This project is setting the standard for energy efficient affordable housing,” said Mayor Matt Ryan. “Like our many other Restore NY projects, this work will improve neighborhood safety, increase property values, and attract additional development.”

ENERGY EFFICIENT DESIGN ELEMENTS
The new home at 47 Mary Street will feature at least three energy efficiency design elements, including straw bale construction, tankless water heating and underfloor space heating.

Straw bale construction provides three times the insulation value of conventional design, producing significant energy savings for property owners. Tankless water heating is 34% more energy efficient than conventional storage tank water heating. Underfloor space heating has been shown to achieve 40% in fuel savings when compared to forced air systems. (See links for more.)

RESTORE NY’S PLANNED PROGRESSION
Forty seven Mary Street was home to a blighted building until last year, when the City used Restore NY Round I funds to demolish the structure. The City will support the new construction with Restore NY Round II funds and its annual HOME allocation.

The project is one of three Mary Street sites that the City will redevelop through its Restore NY Program: 43 and 49 Mary Street were demolished in Round II, and both are slated for new construction under the City’s Round III grant proposal, which was submitted last month.

Through Rounds I and II, the City has targeted at total of 71 properties for demolition, rehabilitation, and new construction. The City’s Round III grant includes 50 properties. Round III grants are expected to be announced this summer.

INCENTIVIZING NEW DEVELOPMENT, PROMOTING HOMEOWNERSHIP
The City will sell 47 Mary Street to Community Potential Inc. for $1. The organization then will build the new home using $100,000 from the City’s Restore NY program, as well as $65,000 from the City’s federal HOME allocation. The organization then will sell the completed home to an owner occupant who qualifies under guidelines established by the U.S. Department of Housing and Urban Development (HUD), which administers the HOME program.


The property’s sale price is an extension of the Mayor Matt Ryan’s $1 Property Initiative, which incentivizes new development of former eyesores by making the properties available for just one dollar. Fifteen $1 properties were sold in the City’s Restore NY Round I program.

The City has a variety of affordable housing programs to assist first time homebuyers. This partnership with Community Potential is the newest of these initiatives. 

Community Potential, Inc. is a subsidiary of the Binghamton Housing Authority. Both organizations are members of the Binghamton Health Neighborhood Collaboration, a coalition of local developers, financial institutions, housing advocates, labor unions, and realtors. By convening the Collaboration, the City increased its housing capacity by an estimated 300%.

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