Governor Hochul Awards $40 Million to Rehabilitate Up to 600 ...

Governor Kathy Hochul today awarded $40 million to 18 nonprofits and local governments in the Capital Region, Central New York, Finger Lakes, Mid-Hudson, North Country, Southern Tier and Western New York to support the repair and rehabilitation of up to 600 vacant, uninhabitable apartments so they can be transformed into safe and affordable homes for tenants. The new Vacant Rental Improvement Program, which the Governor announced as part of the FY25 Enacted Budget, restores vacant units and underutilized buildings into affordable housing for low- and moderate-income tenants in communities across the state outside of New York City. New York State Homes and Community Renewal selected the 18 awardees through a competitive Request for Proposals.

"Everyone deserves a safe place to call home, and with the Vacant Rental Improvement Program, we're breathing new life into dormant properties by turning them into high-quality homes for those in need," Governor Hochul said. "We must use every tool in our toolbox to address the housing crisis in New York, including preserving and improving the assets we have. These investments will revitalize neighborhoods, provide much-needed affordable housing and help ensure long-term housing stability for New Yorkers."

The $40 million in awards will help owners of one to five-unit residential properties or mixed-use buildings with up to five housing units transform them into high-quality, affordable apartments. The program offers up to $50,000 in subsidy to small landlords to renovate vacant rental apartments with a household income limit of 80 percent AMI and up to $75,000 for apartments with a household income limit of 60 percent AMI.

The list of awards can be found here.

Improvements include:

· Health and safety upgrades

· Correction of code violations

· Accessibility modifications

· Environmental remediation

· General repairs to restore properties to habitable conditions

The program supports projects that will serve low- and moderate-income tenants, with all assisted units subject to a 10-year regulatory period to ensure affordability and rent limits. The Vacant Rental Improvement Program is the agency's first program specifically dedicated to getting vacant and distressed rental units back into the market at affordable prices.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "This important $40 million investment is crucial to our efforts to address housing challenges in upstate communities. The Vacant Rental Improvement Program will breathe new life into up to 600 neglected properties, transforming them into valuable community assets and creating much-needed affordable housing for New Yorkers. This investment not only supports property owners in revitalizing dormant, distressed units but also helps increase housing supply and alleviate the critical shortage of affordable housing."