New York Construction Report staff writer
A $40 million investment will support the rehabilitation of up to 600 vacant and distressed apartments across upstate New York, transforming them into safe, affordable homes for low- and moderate-income tenants. The funding, awarded to 18 nonprofits and local governments in regions including the Capital Region, Central New York, Finger Lakes, Mid-Hudson, North Country, Southern Tier, and Western New York, is part of the new Vacant Rental Improvement Program.
This program, introduced in the FY25 Enacted Budget, is designed to revitalize vacant and underutilized properties in communities outside of New York City. It offers critical financial support to owners of one- to five-unit residential properties and mixed-use buildings, providing up to $50,000 for renovations of units serving households with incomes at or below 80% of area median income (AMI), and up to $75,000 for units serving households with incomes at or below 60% AMI.
The improvements funded by the program include health and safety upgrades, code violation corrections, accessibility modifications, environmental remediation, and general repairs to restore properties to habitable conditions. All renovated units will be subject to a 10-year affordability requirement to ensure they remain accessible to low- and moderate-income tenants.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas emphasized the importance of this investment in addressing housing challenges faced by upstate communities. She noted, “This program will revitalize neglected properties and help increase the supply of affordable housing, providing long-term stability for residents and revitalizing neighborhoods across the state.”
