The State of New York will award $200 million this year through two programs in cities looking to revitalize their downtown areas.
The Downtown Revitalization Initiative (DRI) and the NY Forward Program – which focuses on smaller and rural downtowns – will each award $100 million.
The deadline to apply is 4 p.m. Oct. 18.
To receive funding from either the DRI or NY Forward program, localities must be certified under New York’s Pro-Housing Communities Program. Cities must submit 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.
RELATED: Urban renewal projects are abundant throughout the U.S.
The DRI was launched in 2016 to help downtowns and neighborhoods in all 10 regions of the state. Since its creation, it has awarded $800 million to 81 communities in its first seven rounds and invested in the creation of over 4,500 new housing units.
The NY Forward Program was created in 2022. The program 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. Unlike the DRI, it assists communities in developing their full applications and throughout the implementation process.
NY Forward has awarded $200 million to 43 communities since its inception.
English Wikipedia user Daniel Case, CC BY-SA 3.0 http://creativecommons.org/licenses/by-sa/3.0/, via Wikimedia Commons
The post New York investing $200 million in downtown revitalization appeared first on Government Market News.