Regan Development, SEPP Complete $32 Million Homesteads on Grand in Johnson City, Broome County

Regan Development Corporation and SEPP have completed Homesteads on Grand, a $32 million mixed-use affordable and supportive housing development at 333 Grand Avenue in Johnson City, Broome County, delivering 72 apartments and approximately 6,200 square feet of commercial space on a site that had sat vacant for years following the closure of a local retail store.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas announced the project's completion this week. The four-story elevator building includes 27 one-bedroom, 40 two-bedroom, and four three-bedroom apartments, all affordable to households earning up to 70 percent of the area median income.

Supportive Housing and Accessibility at Homesteads on Grand

Twelve of the 72 units are designated as supportive housing, with on-site services provided through the YMCA of Binghamton and Broome County. Those units are funded through the Empire State Supportive Housing Initiative and administered by the New York State Office of Mental Health, which also contributed a $116,000 program grant to the project.

Eight units are designed to accommodate residents with mobility disabilities, and three are designed for residents with sensory disabilities. Amenities include a community room with a kitchen and a playground.

All-Electric Building with On-Site Solar Generation

The building is all-electric and incorporates on-site solar generation, high-efficiency appliances, Air-Source Heat Pump systems, and centralized ASHP water heaters intended to reduce operating costs. An Energy Recovery Ventilation system supports indoor air quality. The clean-energy components were supported in part by the Clean Energy Initiative, a partnership between New York State Homes and Community Renewal and the New York State Energy Research and Development Authority, which contributed $396,000 to the project.

Layered Public Financing Closes the Capital Stack

The $32 million development drew financing from a wide range of public and private sources. Federal and state Low-Income Housing Tax Credits allocated by New York State Homes and Community Renewal are expected to generate more than $18 million in equity, and the agency contributed more than $6.5 million in additional subsidy. The New York State Department of State provided $1 million through the state's Downtown Revitalization Initiative program. Broome County contributed $800,000 through its American Rescue Plan Act program. The site also went through the state's Brownfield Cleanup Program and may be eligible for up to $3.7 million in additional tax credits.

The project was selected through a Village of Johnson City request for proposals and involved a purchase and sale agreement for the 333 Grand Avenue and 154 Allen Street parcels, reflecting a public-to-private redevelopment path. Earlier project approvals referenced a 30-year payment in lieu of taxes agreement, with the assessed value estimated to rise from approximately $9,800 to about $2.5 million upon completion.

Brownfield Redevelopment Tied to Johnson City's Downtown Revitalization Initiative

Before becoming a residential building, the Grand Avenue site housed a foundry and later the Philadelphia Sales store, known locally as "Phillies." After that retail use ended, the property sat vacant. The conversion to housing represents a brownfield-to-residential redevelopment in a smaller Southern Tier market where layered public finance has become a standard tool for closing affordable housing capital stacks.

Homesteads on Grand is connected to Johnson City's selection as the Southern Tier winner in the sixth round of the state's Downtown Revitalization Initiative in 2023, which brought $10 million to the village for a downtown strategic investment plan. Other Southern Tier communities that have received DRI funding include Elmira, Watkins Glen, Owego, Hornell, Norwich, Binghamton, and Ithaca.

Johnson City Mayor Christina Charuk said she was pleased to celebrate the ribbon-cutting on what she described as a $32 million investment bringing new affordable homes and community-focused commercial space to the village, adding that Johnson City is a Pro-Housing Community committed to safe, dignified, and affordable housing for everyone.

The building sits near Binghamton Pharmacy School, UHS Hospital, and SUNY Binghamton University, and is within walking distance of shops, restaurants, and other services — a location profile that supports demand from students, healthcare workers, and service employees.