Saturday, May 25, 2013

Manorwood Homes Supplies Homes to NY Community Developer

Binghamton, NY community housing developer First Ward Action Council has set the first of three new energy-efficient modular homes delivered to the site at 43 Mary Street on the south side of Binghamton. The homes were built by Manorwood Homes in PA and shipped to the jobsite.

Manorwood Homes has been around for 60 years and is part of Commodore.
“This has always been a stable neighborhood with many working families, but years ago we saw the early signs of neglect and abandonment,” said Mayor Matt Ryan. “We were proactive and focused, and over a few years took ownership of four blighted properties in a row on Mary Street. We successfully competed for state grants, demolished four eyesores and partnered with local developers and banks to replace the old with three new, affordable, energy-efficient homes. It was a long-term strategy that has paid off, and this week marks another important milestone in our award-winning approach to remove blight, promote home ownership and create safer, healthier neighborhoods.”

Jerry Willard, the Executive Director of First Ward Action Council said the Mary Street Affordable Homes Project involved the acquisition and demolition over multiple years of 41, 43, 47 and 49 Mary Street, all abandoned and blighted homes—and the subsequent construction of three new, affordable energy-efficient modular, single-family homes.

Both the City and the developer secured competitive state grants for the project, with a final goal of expanding home ownership opportunities for seniors or working families on fixed incomes. The City secured $100,000 per home through the state's Restore NY program, and FWAC secured $60,000 per home through state’s Department of Housing and Community Renewal. Since the grants are reimbursements, Chemung Canal Trust Company is providing FWAC with the upfront construction financing for the overall project. FWAC estimates a sale price of approximately $85,000 for each of the three homes.

“Many seniors and working families are ready for home ownership, but can't find quality, energy-efficient homes within their price range,” said Jerry Willard. “We're very pleased to partner with the City to meet this need, and in the process, strengthening the City's tax base, and stabilizing this great southside neighborhood.”

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