The Binghampton Development Corporation (BDC) is committed to reversing the neighborhood’s declining homeownership level as well as addressing vacant and blighted properties.  The BDC builds new houses on vacant properties or renovates dilapidated housing for new homeowners.  The BDC is committed to a long-term plan to produce attractive, high-quality houses that aesthetically improve the community and encourage renewed investment.  A geographically focused approach works to remove the community’s worst blights, their associated crime and value impairment. 

New homeowner candidates are assessed for credit quality and budget capacity.  Candidates are also required to attend a homeownership education class and undergo a personal budget and financial plan with the BDC team.  Homeowners must reach a credit quality state that justifies a prime quality mortgage before purchase.

While the BDC’s strategic focus is homeownership, the BDC also provides multi-family housing.  In 2005, the BDC purchased and significantly renovated a foreclosed four unit apartment building for job training and homeowner clients’ transitional housing and for ministry workers who need interim housing.  In 2006, the BDC purchase a severely blighted and drug-riddled 20 unit apartment complex on Tillman and created Tillman Apartments, Inc. to redevelop the property for area seniors.

Since beginning operations in 2003, the BDC has purchased 74 housing units, including 24 apartment units and 50 single family houses, and 51 properties in total.  The acquisition, construction and renovation investment to date totals $1.8 million.  By the end of 2007, fifteen single family houses and 24 apartment units were constructed or renovated providing new housing for a total of 43 people.