Restore New York Communities Initiative

 

 

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Objective

The Restore New York Communities Initiative (“Restore NY”) provides municipalities with financial assistance for the revitalization of commercial and residential properties. The program encourages community development and neighborhood growth through the elimination and redevelopment of blighted structures.

The 2022-23 State Budget provided $250 million in new funding for Restore NY, which will be awarded in two rounds.

Please check back in July 2022 for more information.

 

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Eligibility

Restore New York funding is available for projects involving the demolition, deconstruction, rehabilitation and/or reconstruction of vacant, abandoned, condemned and surplus properties.

Applicants must:

  • Be initiated by municipalities
  • Demonstrate at least a 10% match; and
  • Hold a public hearing to discuss the application and the property assessment list

Selection Process:

Applications are initially evaluated at the regional level.

Applications are scored against specific guidelines and how strongly they meet the goals of the program, which are to:

  • Revitalize urban centers
  • Induce commercial investment 
  • Improve the local housing stock

Priority is given to projects in Empire Zones and Brownfield Opportunity Areas, as well as to projects that leverage other state or federal redevelopment, remediation, or planning programs.

There is also a strong emphasis placed on projects from economically distressed communities.