ICYMI: $200 MILLION IN FUNDING AVAILABLE FOR DOWNTOWN REVITALIZATION INITIATIVE AND NY FORWARD PROGRAMS
Video of Secretary Mosley Announcing New Funding is Available Here; Photo Available Here
WASHINGTON, D.C. – RealEstateRama – Governor Kathy Hochul announced that $200 million in funding is now available through the State’s two signature downtown revitalization and economic development programs — $100 million each for Round 8 of the Downtown Revitalization Initiative and Round 3 of the NY Forward program, which focuses on revitalizing smaller and rural downtowns. Together, the two programs have awarded $1 billion in funding to 124 communities across every region of the State since 2016. Applications are now available through the State’s Consolidated Funding Application Portal. The deadline to apply is October 18, 2024, at 4 p.m.
“With strategic economic development investments, we’re building vibrant downtowns that are attracting businesses and residents to every region of New York,” Governor Hochul said. “The Downtown Revitalization Initiative and NY Forward programs are reinvigorating downtowns and transforming our communities into world-class destinations for businesses, families and tourists.”
New York Secretary of State Walter T. Mosley said, “New York State is home to so many communities with rich histories and charm, and our Downtown Revitalization and NY Forward programs are helping to transform those communities into hubs of activity while retaining the characteristics that make them so unique. This $200 million in funding will help an additional 29 downtown communities turn their visions of revitalization into a reality, in turn spurring local and regional economies and strengthening all of New York State.”
The Downtown Revitalization Initiative (DRI) was launched in 2016 to accelerate and bolster the revitalization of downtowns and neighborhoods in all 10 regions of the State to serve as centers of activity and catalysts for increased local investments. Led by the Department of State (DOS), DRI communities benefit from partnerships with and coordinated technical assistance provided by the Department of Housing and Community Renewal (HCR), Empire State Development (ESD) and the New York State Energy Research & Development Authority (NYSERDA). The DRI represents an unprecedented and innovative “plan-then-act” strategy that couples strategic planning with immediate implementation. For DRI Round 8, joint applications of two to three contiguous communities in the same REDC region with a single unified vision will be accepted.
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 designed to reward local governments that are working hard to address New York’s housing crisis. Localities must have at least submitted a letter of intent to become a pro-housing community prior to applying for funding through DRI or NY Forward and must be certified before receiving an award through either program.
To date, DRI has awarded a total of $800 million to 81 communities in its first seven rounds and invested in the creation of over 4,500 new housing units. It is estimated that every dollar invested in the DRI generates $3 in additional investments as the revitalization accelerates and projects are completed. This catalytic effect will continue well after DRI and NY Forward communities complete all their projects.
First announced as part of the 2022 Budget, Governor Hochul created the NY Forward program to build on the momentum created by the DRI. The innovative program, which is funded at $100 million in this year’s Enacted State Budget, supports a more equitable downtown recovery for New York’s smaller and rural communities with a focus on hamlet and villages. NY Forward is meant to serve smaller communities and support local economies that often have a feel and charm that is distinct from larger, metropolitan urban centers funded through DRI. To date, NY Forward has awarded a total of $200 million to 43 communities over two rounds.
Like DRI, DOS and an assigned consultant will work with NY Forward communities through a planning and technical assistance process to develop a slate of readily implementable projects. NY Forward differs, however, by providing one-to-one technical assistance from consultants to assist communities in developing their full applications and throughout the implementation process. NY Forward offers two $4.5 million awards for each region. Recognizing the unique scale and density of New York City neighborhoods, New York City NY Forward funding is being combined with NYC DRI funding to permit one $20 million DRI award.
The similarities and differences between the DRI and NY Forward programs are further described in an educational brochure, which is available on the DRI and NY Forward websites.
Empire State Development President, CEO and Commissioner Hope Knight said, “Strategic investments in community development are vital to creating engaging and dynamic neighborhoods that welcome residents and visitors and support small businesses. Under Governor Hochul’s leadership, the Downtown Revitalization Initiative and NY Forward programs continue to generate growth and new energy in urban cores all throughout the State.”
Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “All across this State, the Downtown Revitalization Initiative and NY Forward programs are strategically prioritizing communities, growing economies with more than $1 billion in awards, and building on the diverse character of our neighborhoods. By partnering with local and municipal expertise, Governor Hochul continues her commitment to incentivizing investments, increasing the housing supply, and developing the full potential of our downtowns as economic drivers of regional success.”
NYSERDA President and CEO Doreen M. Harris said, “Revitalizing the downtowns of urban and rural communities across the State provides the opportunity to modernize older buildings into comfortable, sustainable, and energy efficient multi-use spaces. The unwavering investments made through these critical initiatives are creating vibrant neighborhoods in New York that that are walkable, healthy and provide a strong backbone for economic growth.”
###
