Village of Cazenovia Receives $10 Million From Downtown Revitalization Initiative; Villages of Marcellus and Mexico Receive $4.5 Million Each From NY Forward
Eligibility for DRI or NY Forward Funding Requires Certification Under Governor Hochul’s Pro-Housing Communities Program
Governor Kathy Hochul today announced that the Village of Cazenovia will receive $10 million in funding as the Central New York winner of the ninth round of the Downtown Revitalization Initiative (DRI), and the Villages of Marcellus and Mexico will each receive $4.5 million as the Central New York winners of the fourth round of NY Forward. For Round 9 of the DRI and Round 4 of the NY Forward Program, each of the state's 10 economic development regions are being awarded $10 million from each program, to make for a total state commitment of $200 million in funding and investments to help communities boost their economies by transforming downtowns into vibrant neighborhoods. To date, total investments in the DRI and NY Forward have reached $1.4 billion.
“Our downtowns keep New York State alive, and we are making significant investments to transform them into vibrant communities for New Yorkers,” Governor Hochul said. "With the Downtown Revitalization Initiative and NY Forward program, these future Main Streets across Central New York will see their plans come to life, increasing economic and housing diversity for their residents and businesses, offering a higher quality of life, and boosting their local economies. I look forward to seeing our investments in action.”
To receive funding from either the DRI or NY Forward program, localities must be certified under Governor Hochul's Pro-Housing Communities Program — an innovative policy created to recognize and reward municipalities actively working to unlock their housing potential. Governor Hochul’s Pro-Housing Communities initiative allocates up to $750 million each year in discretionary funds for communities that pledge to increase their housing supply; to date, more than 400 communities across New York have been certified as Pro-Housing Communities.
Many of the projects funded through the DRI and NY Forward support Governor Hochul’s affordability agenda. The DRI has invested in the creation of more than 5,000 units of housing — more than 2,000 of which (40%) are affordable or workforce housing. The programs committed $9 million to 12 projects that provide affordable or free childcare and childcare worker training. DRI and NY Forward have also invested in the creation of public parks, public art — such as murals and sculptures — and art, music and cultural venues that provide free outdoor recreation and entertainment opportunities.
To support the efforts to build more housing, Governor Hochul recently launched the new Housing Central New York Fund, a $150 million public-private financing initiative designed to accelerate housing production and keep costs down across Central New York as the region prepares for historic economic growth driven by Micron’s $100 billion investment in the region. Empire State Development (ESD) is seeding the revolving loan fund with $30 million, with an additional $120 million from a range of partners — including Micron, local financial institutions, and other funders — with the goal of supporting the development of at least 2,500 new workforce housing units over the fund’s initial seven-year term.