GOVERNOR HOCHUL ANNOUNCES $250 MILLION RESTORATION BID PERIOD IN NEW YORK TO OPEN JULY 11
Promotes the revitalization of communities by redeveloping or eliminating degraded structures
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Governor Kathy Hochul announced today that the Restore New York grant program will open on July 11. This $250 million program encourages community development and neighborhood growth through the removal and redevelopment of run-down structures. Restore New York is open to municipalities to support projects focused on the demolition, rehabilitation and restoration of residential, commercial and mixed-use buildings. The program, administered by Empire State Development, is designed to help local governments revitalize their communities and encourage business investment, improve local housing stock, get properties back on tax rolls, and increase the local tax base. The grants will be awarded in two rounds this year, with $100 million available in the first round and $150 million available in the second round.
“I’ve traveled to every corner of the state and seen firsthand the potential that resides in so many old and dilapidated buildings in New York City,” Governor Hochul said. “These spaces once served a purpose and now need funding and vision to breathe new life into neighborhoods. Funding from Restore New York gives localities the resources to transform abandoned and neglected properties, helping to rebuild and strengthen communities across the state.”
Empire State Development President, CEO and Commissioner Hope Knight said: “Restore New York gives municipalities the support they need to create real change in their communities, especially in their downtowns. By removing or rehabilitating the horrors that destroy a neighborhood, municipalities have the opportunity to revitalize their community and generate new economic opportunities.
Restore New York’s goal is to help attract residents and businesses by redeveloping residential, commercial and mixed-use properties. Each project must align with the regional strategic plan of the Regional Economic Development Council and projects must be architecturally consistent with neighboring and adjacent properties or consistent with the municipality’s local revitalization or urban development plan.
Funding can be used for vacant, derelict, condemned or surplus buildings and these properties can be demolished, deconstructed, rehabilitated or rebuilt. Emphasis will be placed on projects in economically distressed communities, projects that leverage other state or federal redevelopment funds, and project feasibility and readiness. Eligible applicants include counties, cities, towns, and villages in New York State based on the following criteria:
- Cities with populations over 100,000 can apply for up to $5 million for a project. However, cities with more than one million people and counties within them must apply for projects in a distressed area of the city.
- Cities and towns with between 40,000 and 99,999 residents can apply for a project up to $3 million
- All other municipalities can apply for a project up to $2 million
Empire State Development may grant a limited number of special rewards. Municipalities with a population of 100,000 or less and counties with a population of 400,000 or less may request an additional $10 million to be spent on a second, separate project OR part of a larger project in addition to the funding limits listed below. above. Special projects are those where the property causes serious economic harm to the community, leaving highly visible and degraded property or properties in the central business district of a severely or moderately distressed community, which has a depressing effect on the community’s overall economic development potential.
An Intent to Apply Form must be received by ESD by August 11, 2022. For more information on the program and requirements, visit https://esd.ny.gov/restore-new-york. The full RFP and guidelines will be available on July 11.
State Senator Anna M. Kaplan said, “Degraded structures are a scar to our community and a drain on local resources, so every time we can revitalize a property and get it back on tax lists, that’s a win for all of us. The Restore New Program York will fight the blight and help our communities recover from the pandemic era, and I urge every municipality to learn more and apply for funds to help move New York forward.”
Member of the Assembly Harry Bronson said, “This is a great program that will reshape our neighborhoods and bring life back to once dilapidated properties. It’s opportunities like these that bring New York back and enable more jobs for our families. Thank you, Governor Hochul and Empire State Development, to continue to help us move toward an inclusive and equitable economic recovery.”
About Empire State Development
Empire State Development (ESD) is New York’s primary economic development agency. ESD’s mission is to promote a strong and growing economy, encourage the creation of new jobs and economic opportunities, increase state and municipal revenues, and achieve stable local economies. and diversified. Using loans, grants, tax credits, and other forms of financial assistance, ESD works to enhance private business investment and growth to spur job creation and support communities. prosperous New York State. ESD is also the primary administrative agency overseeing New York State’s Regional Economic Development Boards and the marketing of “I LOVE NY”, the state’s iconic tourism brand. For more information on regional councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.