$50 million available from RESTORE NY

Governor Cuomo has announced that municipalities will be able to apply for $50 million from the RESTORE NY Communities Initiative. The funds are available to revitalize and stabilize downtowns and neighborhoods. Funding of the RESTORE NY program has been a priority of NYSEDC’s Community-Based Economic Development Committee for the past two years.

ESD, which administers the program, has held informational meetings for municipalities that want to submit applications.

Photo from The Leader-Herald, by Arthur Cleveland

Photo from The Leader-Herald, by Arthur Cleveland

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. 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.