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. Round 9 of this program will provide municipalities with $50 Million for approved projects.
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
- 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:
- 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. In this round, priority will be given to projects designed to address recovery efforts related to tornado and storm damage that occurred on July 15-16, 2024. There is also a strong emphasis placed on projects from economically distressed communities.
What You Need to Apply
Intent to Apply Form (Due October 23) – ATTENTION: No application will be accepted unless the Intent to Apply form has been submitted and approved.
Restore NY Property Data Sheet & Site Control Affidavit
Consolidated Funding Application (CFA) Portal
After ESD approves an Intent to Apply form, applicants will be directed to begin completing the application. The official application process will occur through the CFA Portal (link above) and should include a Property Data Sheet for each property within the project.
For additional information on the application process, please see detailed program information and/or contact the Capital Regional Office at nys-capitaldist@esd.ny.gov
The Invest Greene team at the Greene County Economic Development Corporation is available for technical assistance or to answer any questions you may have by calling 518-719-3290.
