Governor Hochul Announces $200 Million in Funding Available for Downtown Revitalization Initiative and NY Forward Programs

July 26, 2023

Total Funding for the Programs Hits $1 Billion Mark with 93 Communities Throughout New York State Having Already Received Awards

Programs Continue to Support Regional Economic Development Goals by Making New York Attractive to Businesses, Families and Visitors

Furthers Governor's Commitment to Expanding Housing Supply and Increasing Affordability by Spurring the Creation of Over 3,000 New Housing Units

First-Ever Forum on Future of the State's Downtown Revitalization Initiative and NY Forward Communities Held in Syracuse

Governor Kathy Hochul today announced that $200 million in funding is available through the State's two signature downtown revitalization and economic development programs — $100 million each for Round 7 of the Downtown Revitalization Initiative and Round 2 of the NY Forward program, which focuses on revitalizing smaller and rural downtowns. This year's funding brings the total amount of State investment across all rounds of the programs to $1 billion since 2016. Together, the two programs have awarded $800 million in funding to 93 communities across every region of the state. Applications are available on the Downtown Revitalization Initiative and NY Forward websites. The deadline to apply is September 29 at 4 p.m.

"These two programs have created a wave of revitalization that is sweeping across the state with no signs of slowing," Governor Hochul said. "The programs are not only reinvigorating downtowns, but they are also making our regions and the state as a whole a world-class destination for businesses, families and tourists. The programs are fulfilling the original vision for the DRI of creating a critical mass of vibrant downtowns of all shapes, sizes and characters in each region to entice businesses to invest and locate in New York State."

Governor Hochul also hosted the state's first-ever forum in Syracuse on the past, present and future of the Downtown Revitalization Initiative (DRI) and NY Forward programs. The forum, entitled "A Retrospective for the Future of the State's DRI and NY Forward Communities," featured mayors from communities selected in the first five rounds of the DRI, as well as private stakeholders engaged and invested in the DRIs, who will provide advice, insights, lessons-learned and recommendations to inform the future of the two programs and educate prospective applicants on the benefits of participating.

Read the full press release here.