Governor Kathy Hochul recently announced $26 million in grants to revitalize communities across New York State...
Governor Kathy Hochul recently impressed New York with $26 million in grants to revitalize communities across the state of New York. According to an official press release, the funding will help to eliminate blight, increase housing supply, support local economic development efforts, increase the availability of homeownership opportunities, and improve the quality of life in underinvested communities.
“New York’s Land Bank Initiative has already allowed us to preserve, restore, and revitalize rundown properties across the state, and we are excited to be extending the opportunity this year,” said Governor Kathy Hochul. “This program will empower local nonprofits – the people that know their communities best – to help increase homeownership while repairing the fabric of their neighborhoods.”
Here Are The Details Of Kathy Hochul's Plan To Revitalize New York Communities
The grants supplement New York Governor Hochul's Housing Plan. The aim is to build or preserve 100,000 affordable houses across New York State. Of which, 10,000 will include support services for vulnerable populations, as well as electricity in an additional 50,000 homes.
New York State Homes and Community Renewal (HCR) published a Request for Applications (RFA), and the grants were awarded on a competitive basis. The funds will come from the Governor's Land Bank Initiative, which received $50 million in the Fiscal Year 2023 New York State Budget.
In phase one of the initiative, HCR awarded operational money to 26 land banks in the summer of 2022. The recently announced phase two contracts will cover capital expenses such as acquisition, demolition, building stabilization, and pre-development.
“This $26 million investment will allow local organizations to invest in their communities by turning blight into opportunity that encourages redevelopment and boosts the tax base for the benefit of all," said New York State Homes and Community Renewal Commissioner Ruth Anne Visnauskas. "The Governor’s Land Bank Initiative recognizes that art of creating and preserving affordable communities is never a one-size-fits-all process, but requires step-by-step dedication to building healthier, safer, more livable, and affordable neighborhoods.”
The New York State Land Bank Act established the state's land banks. For context, land banks are local government agencies that acquire, stabilize, assemble, and facilitate the reconstruction of blighted and abandoned properties. Across the state of New York, there are currently 26 land banks.
Kathy Hochul Wants To Improve Communities Around New York
It's no secret that Kathy Hochul has made improving New York communities one of her biggest legislative priorities as Governor. For example, Governor Hochul recently announced the opening of two new housing developments that will bring 110 affordable homes to Montgomery County.
"Thanks to state support, these two new developments will help to ensure that families in Montgomery County have a safe, stable, and affordable place to call home," said Governor Kathy Hochul. "My administration is continuing to work toward our vision of a more affordable and more livable New York through strategic investments in affordable and supportive housing and our ongoing commitment to increasing the housing supply in the Mohawk Valley and beyond."
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