Johnson City Home Buyer Assistance Program

Johnson City Home Buyer Assistance Program

The Johnson City Home Buyer Assistance Program aims to support new and current Binghamton University or Research Foundation employees who want to become first-time homeowners, purchasing a home in a designated geographic district (DGD) in Johnson City, New York, adjacent to the Binghamton University Health and Sciences Campus.

For purposes of this program, the definition of a first-time homebuyer is an individual buying a principal residence for the first time.

This program is a one-year pilot and will begin on July 1, 2024. The program has been allocated $100,000 in funds and applications will be accepted on a first-come/first-served basis.

Eligibility Criteria

  1. New Employees: Any new hires at Binghamton University who are buying a principal residence for the first time and within the DGD.
  2. Current Employees: Current employees who are buying a principal residence for the first time and within the DGD.
  3. Employees currently owning a home in the DGD are not eligible.

Part-time temporary employees are not eligible. Full-time temporary employees whose appointments are the result of a formal search are eligible. 

Program Benefits

  1. Assistance Amount: Eligible employees can apply for closing assistance in the amount of $10,000.
  2. Disbursement of Funds: At time of closing, $5,000 will be provided to the lender, and $5,000 will be provided to the employee after one year of continuous employment from the date of closing. The initial $5,000 payment will be coordinated directly with the lender. For example, if the employee chooses Visions Federal Credit Union as the preferred lender, a check for $5,000 to assist with closing costs will be delivered to the bank prior to the closing.

Designated Geographic District (DGD)

The program targets a specific area in Johnson City, New York, adjacent to the Health Sciences Campus. Detailed maps and boundaries will be provided to applicants. It is bounded as follows (see map below):

  • On the north by: Route 17
  • On the south by: Floral Avenue
  • On the east by: Market Street (border between JC and City of Binghamton/Town of Dickinson
  • On the west by: Boland Drive / Route 201

Here is a Johnson City, New York map. The area highlighted on the map qualifies for this program. It is contained by Route 17 to the north, Floral Ave. to the south, Market Street to the east (border between Johnson City and the City of Binghamton/ Town of Dickinson), and Boland Drive/Route 21 to the west.

Eligible Properties

Only one or two-family homes that are used as the employee’s primary residence are eligible. In order to be eligible, the property must be located in the DGD. Primary residence to be verified by two of the following:  vehicle registration, drivers license, official voting registration or Binghamton University paycheck address.

Application Process

  1. Pre-application Information Session: Potential applicants are encouraged to attend an informational meeting to understand program details, eligibility and application procedures.
  2. Application Submission:
  3. Application Review:
    • Applications will be reviewed by the Binghamton University Real Property Management Office.
    • Submit the application online or or deliver a hard copy to the Couper Administration Building, Room 609.
    • Decisions on eligibility will be communicated within 30 days of submission.
  4. Disbursement of Funds: Upon approval, the initial $5,000 will be disbursed directly to the lender. The second payment of $5,000 (one year later) will be disbursed directly to the employee. Binghamton University may need to alter the method of disbursement, depending upon a particular bank’s rules and regulations. The funds will be taxable and the employee will be issued a 1099 at the end of the year for any payments disbursed that year.

Terms and Conditions

  • Employment Requirement: Employees must maintain continuous employment with Binghamton University for one year from the date of closing to qualify for the second half of funding assistance.
  • Home Ownership Condition: The home must be the employee’s primary residence.
  • Compliance, Monitoring and Check-in: The University will require a check-in certification at the one-year mark to ensure compliance with program requirements.
  • Tax Implications: You should consult with your tax expert on any potential tax implications. Employees will be issued a 1099 at the end of the tax year when assistance was received.

Program Administration

The coordinating office is Real Property Management under the Division of Operations. The program coordinator is Joe Turdo, Director of Business Affairs and Real Property Management.

Contact information

Program Application

Download the application

Or

Fill out the application online