Municipalities Encouraged to Apply; $50 Million Program Will Support Projects to Revitalize Urban Areas and Neighborhoods
Governor Andrew M. Cuomo today launched Round 4 of the Restore New York Communities Initiative – a $50 million program that will provide municipalities with funding to support efforts to revitalize and stabilize urban areas and neighborhoods across the state. This program provides local governments with financial assistance in order to encourage economic development and revitalization urban centers and neighborhoods throughout the state.
"Restore NY is a critical piece of New York State's efforts to bring positive change to distressed areas, attract new investment to our urban centers, and create jobs in every region of the state," Governor Cuomo said. "This funding not only supports the transformation of blighted and abandoned buildings, but it also enables communities to make long-needed infrastructure improvements that are key to economic growth."
Since the program’s inception, more than $200 million has been invested in the removal and restoration of blighted properties – particularly in urban centers and distressed cities throughout New York State. Now in Round 4, $50 million in funding is available to continue these efforts.
Cities, towns and villages are eligible to apply for support for projects that include demolition, deconstruction, rehabilitation, or reconstruction of vacant, abandoned, condemned and surplus properties. In addition, funds can be used for site development needs including, but not limited to water, sewer and parking. The program places a strong emphasis on projects in economically distressed communities.
Information and an application are available online at: http://esd.ny.gov/BusinessPrograms/RestoreNY.html. The intent to apply deadline is Wednesday, July 13, 2016 at 5 p.m. and the deadline for completed applications is Monday, October 3, 2016 at 3 p.m.
Empire State Development President, CEO & Commissioner Howard Zemsky said, "Our efforts to attract commercial investment and revitalize urban centers through the Restore NY Program are a critical component of our economic development strategy. Through the Restore NY Program, municipalities will leverage both public and private funds to encourage business growth, create jobs and strengthen our communities by transforming economically distressed areas across the state."
Empire State Development will host informational seminars for municipalities interested in submitting an application. The following workshops will take place in June:
Monday, June 27 at 1 p.m.
Hofstra University, Student Center, Multipurpose Room West
1000 Fulton Ave., Hempstead, Long Island
Parking available in the East Circle Lot
Tuesday, June 28 at 10 a.m.
Proctors GE Theatre
432 State St., Schenectady
Parking garage located at 220 Broadway
Wednesday, June 29 at 1 p.m.
Monroe Community College, Warshof Conference Center, Empire Room
1000 E Henrietta Rd., Rochester
Parking available in Lot N
Additionally, for those unable to attend a seminar in person, a live webinar will take place on June 28 at 10 a.m. To register, please contact ESD at RestorRestoreNY@esd.ny.goveNY@esd.ny.gov.
About Empire State Development
Empire State Development (ESD) is New York's chief economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo's Regional Economic Development Councils and the marketing of "I Love NY," the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.nyworks.ny.gov and www.esd.ny.gov.
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