The Empire State Development Corporation Announces Restore NY Has Returned
Empire State Development announced the Municipal Grant Program: RESTORE NY has been placed back in the NYS Budget for 2022 after being omitted in recent years
The Restore New York Community Initiative (Restore NY) provides NYS municipalities with financial assistance regarding the revitalization of properties both commercial and residential. Restore NY encourages community development and neighborhood growth.
What to Expect in 2022:
- $250 million funding pot for this year which is well over previous rounds
- 2 rounds in 2022 (RFP was announced 7/11, for $100 million and the next one is anticipated for 10/11 at $150 million).
For more detail: https://esd.ny.gov/restore-new-york
- Program Launch – Monday, July 11, 2022
- Intent to Apply for Due – Thursday, August 11, 2022 by 5:00 PM EST
- Final Application Due – Tuesday, October 11, 2022 by 3:00 PM EST
Overview of the Program:
- Goal: Once the structures are restored or eliminated, it will help bring businesses or residents to the area and increase the housing stock and tax base for the community. There is more effort to fund rural projects this round.
Who can apply?
- County, Town, Village or City. Municipalities can sub-grant the funds to a private entity.
- Vacant, abandoned, condemned, and surplus buildings can be demolished, deconstructed, rehabilitated, or reconstructed.
- Funds may be used for site development and infrastructure needs related to the project (sewer, water, parking, etc.).
- 10% matching requirement. Cash and in-kind contributions are allowed.
- Funding amount will depend upon the municipality the project is located in ($2-5 million per project).