Vacant Rental Program (VRP)
From Vacant to Vibrant
In late 2024, the Land Bank was awarded just over $1 million by NYS Homes and Community Renewal to implement the Vacant Rental Program (VRP). VRP aims to improve and rehabilitate up to twenty (20) vacant housing units and other vacant spaces, including commercial spaces, that are currently uninhabitable or unmarketable into safe, quality, and affordable rental units.
These repairs and improvements may include but are not limited to health and safety improvements, correction of code violations and/or updating spaces to meet residential standards, accessibility modifications, environmental remediation, and other repairs determined by the Land Bank as necessary to rehabilitate vacant units.
Apply for VRP Funds to Renovate an Empty Rental Property
In late 2024, the Broome County Land Bank was awarded just over $1 million in funding by the NYS Homes and Community Renewal to implement the Vacant Rental Program (VRP).
This program aims to rehabilitate up to twenty (20) vacant housing units and commercial spaces that are currently uninhabitable or unmarketable. These units will be transformed into quality, income-qualified, long-term rental units.
Generally, eligible applicants must meet the following criteria:
- Own residential properties with up to five units.
- Be deemed a responsible owner (see program materials).
- Only vacant units are eligible for assistance, and tenants may not be displaced in order to be eligible for this program.
- Depending on the amount requested, applicant must agree to rent assisted units to income eligible tenants for 10 years.
Eligible Property Criteria
1. Vacant
An existing tenant may not be temporarily or permanently displaced for the purposes of making a unit eligible for program funds.
2. Unmarketable or uninhabitable
Extensive peeling paint, old/stained carpets, damaged walls and ceilings, inadequate bathroom or kitchen facilities, poor ventilation, etc.
3. Up to 5 units per property
4. Located in Broome County or adjoining counties
What Can Be Done with VRP Funds?
- Electrical
- Plumbing
- HVAC systems
- Code compliance
- Kitchen repairs and improvements
- Bathroom repairs and improvements
- Lead-based paint testing and associated abatement and/or encapsulation
- Asbestos testing and associated abatement and/or encapsulation
- & more
Application &
Program Timeline
- Review all requirements:
- Reach out to our team with any questions
- Submit Property Owner Application by May 13
- 1st round of applications to be reviewed at May 20 BCLBC Board Meeting
- Selected applicants will be contacted on a rolling basis with Scope of Work and contract agreements
- Rehabilitation will begin commensurate with funding awarded, SOW, and program obligations
- Applications will be accepted until all funding is awarded.
Interested?
Complete the form below to learn more about the Vacant Rental Program.
Program Obligations
Property owners will be required to enter into a Participant Agreement with the BCLBC that specifies the approved maximum award amount and outlines roles and responsibilities for the respective parties. See the BCLBC’s draft program handbook for comprehensive guidance.
Below are a few key obligations property owners should be aware of:
- The BCLBC will create the scope of work for VRP assisted units.
- The BCLBC’s VRP funding may require pre-renovation Lead-Based Paint (“LBP”), asbestos and radon testing. By law, the results of the LBP risk assessment must be disclosed to all future purchasers and tenants.
- Property owners are responsible for identifying and selecting income-eligible tenants. However, the BCLBC will assist if requested by the property owner.
- The property owner must provide minimum 1-year leases.
- Tenants selected to occupy VRP assisted units must have their household income verified at the time a lease is executed which the BCLBC will undertake on behalf of the property owner for their first tenant. See the BCLBC’s draft program handbook for FY2024 household income.
- The property owner must comply with the rent limits commensurate with the award selected. VRP rent limits are based upon maximum income level and unit size, not the household income of the tenant selected. See the BCLBC’s draft program handbook for FY2024 rent limits calculated using the Novogradac Rent & Income Calculator.
- The property owner must execute a Declaration of Interest in Property covenant that will run with the property for 10 years post-construction. The purpose of the covenant is to restrict the occupancy of the VRP assisted units to income qualified tenants for the 10 year period.
- The property owners must secure written permission from the BCLBC to transfer or sell their property during the 10 year period.
Eligible Applicant Criteria
- Owner must be deemed a “Responsible Owner”
At minimum, the owner must be current on taxes, utilities and mortgage payments for the property they are requesting VRP assistance for. - The property owner owns a Small Portfolio of real estate (less than 20 residential units and less than 5 commercial units).
- The property owner must be the legal owner of one of a 1- to 5-unit residential property.
- The property owner must be a private individual(s), Certain Business Entity (e.g., LLC), Not-for-Profit Organization, or Public or Quasi-Public Entity.
The BCLBC will prioritize* VRP funding requests from property owners that further meet the criteria listed below which have priority in the following order:
- The property owner lives locally (i.e., Broome County or an adjoining County).
- The property owner is a private individual or LLC that owns an eligible property that is generating property and school tax revenue consistent with the BCLBC’s goal to return properties to the tax rolls.
- The property owner is requesting VRP assistance for an eligible single-, two-, or three-family residential property.
- The property owner is requesting VRP assistance for eligible properties located in the City of Binghamton and/or Town of Union including the Villages of Johnson City and Endicott.
*The BCLBC Board of Directors reserves the right to consider awards to property owners that meet a majority (i.e., 3 of the 4) of the aforementioned prioritization criteria out-of-order if they believe an award serves the best interests of the BCLBC and Broome County community.