Downtown Revitalization Investments are a Critical Part of the State's Comprehensive Economic Development and Community Growth Strategy
State to Work with Residents, Community Leaders and Public Officials to Revitalize Downtown Cohoes
Governor Kathy Hochul today announced that the City of Cohoes will receive $10 million in funding as the Capital Region winner of the sixth round of the Downtown Revitalization Initiative. For the Downtown Revitalization Initiative Round 6, each of the state's 10 economic development regions are being awarded $10 million, to make for a total state commitment of $100 million in funding and investments to help communities boost their economies by transforming downtowns into vibrant neighborhoods.
"By investing in Cohoes' downtown, we are ensuring the prosperity of this beautiful and welcoming community that residents and visitors have long enjoyed," Governor Hochul said. "This funding will ensure that all of Cohoes, from its stunning waterfalls to lively downtown, can be a place where residents work, play, and thrive for generations to come."
The Downtown Revitalization Initiative (DRI) serves as a component of the State's economic development policy by transforming downtown neighborhoods into vibrant centers of activity that oer a high quality of life and attract businesses, jobs and economic and housing diversity. Like past DRI rounds, each selected community will develop a strategic plan through a bottom-up, community-based planning process that articulates a vision for the revitalization of its downtown and identifies a list of signature projects that have transformative potential and leverage further private and public investments. The Department of State will then award DRI funds to selected projects with the greatest potential to jumpstart revitalization and realize the community's vision.