The Restore New York Communities Initiative (“Restore NY”) provides municipalities with financial assistance for the revitalization of commercial and residential properties.
Governor Kathy Hochul recently announced the launch of applications for the $60 million Restore New York grant program, which officially opened on February 22, 2024. This initiative, managed by Empire State Development, aims to assist municipalities in transforming blighted and underutilized buildings into thriving residential, commercial, and mixed-use spaces. This announcement aligns with Governor Hochul’s proposal in the FY 2025 Executive Budget to allocate an additional $50 million for future iterations of the Restore NY program.
The stated purpose of The Restore New York program is to support local governments in their efforts to eliminate eyesores and reinvigorate neighborhoods, thereby attracting new residents and businesses. Projects eligible for funding through this program include the demolition, rehabilitation, or restoration of vacant, abandoned, condemned, or surplus properties. A significant focus will be placed on projects that are situated in economically disadvantaged communities, those that can draw upon additional state or federal funds, and those that are ready and feasible for immediate implementation.
Eligibility
Restore New York funding is available for projects involving the demolition, deconstruction, rehabilitation, and/or reconstruction of vacant, abandoned, condemned, and surplus properties.
Funding criteria are set based on the population size of municipalities, with cities over 100,000 inhabitants eligible for up to $4 million for a single project. Smaller cities and villages have varying funding caps, and Empire State Development may also offer special awards for projects that address severely economic damaging properties in distressed communities.
In a statement, Governor Hochul’s initiative emphasizes alignment with the strategic plans of the Regional Economic Development Councils, ensuring that redevelopment efforts are consistent with broader regional goals. This approach aims to create cohesive and strategically planned urban revitalization that benefits the entire state.
With Restore New York, we’re putting up $60 million in funding to breathe life back into communities all across our state. This program gives municipalities the support they need to turn blighted, rundown buildings into housing, commercial hubs, and more, and any local leader ready to unlock their community’s potential should apply.
Governor Hochul
Empire State Development President, CEO, and Commissioner Hope Knight highlighted the transformative potential of the Restore New York program, noting its capacity to drive significant change in communities by addressing derelict properties that negatively impact neighborhood vitality,
Restore New York gives municipalities the support they need to create real change in their communities. By removing or rehabilitating eyesores that bring down a neighborhood, municipalities have opportunity to revitalize their community and generate new economic opportunities.
Hope Knight, President/CEO, Empire State Development
Municipalities interested in tapping into this round of funding are encouraged to attend an instructional webinar hosted by Empire State Development on February 27, offering guidance on the application process. The deadline for an intent to apply form is March 25, 2024, with detailed program information and application requirements available on the Empire State Development website.
This initiative presents a critical opportunity for New York municipalities to leverage state support in their ongoing efforts to revitalize and repurpose underused properties, contributing to the broader goal of economic renewal and community development across the state.