New $25M initiative aims to eliminate blight in Upstate NY

New York State

ALBANY, N.Y. (WTEN) — A new $25 million effort was put in place to eliminate vacant properties in concentrated neighborhoods across Upstate New York, officials announced on Thursday. The effort will aim to transform blighted structures into newly renovated, move-in ready homes.

The renovated homes will help expand affordable homeownership opportunities for low- and moderate-income residents, specifically first-time buyers and households of color.  

Under the new initiative, New York State Homes and Community Renewal will allocate up to $25 million through an application process open to land banks that are in upstate cities with small, local developers.  

Selected land banks will transfer up to 10 single-family properties to local developers, with preference going to developers that are minority- and women-owned businesses. Once completed, each property will be resold to first-time homebuyers, with priority given to households of color and to families who earn less than 80% of area median income. 

Program applications will be accepted online on a rolling basis and the application window will remain open until the program funds have been committed.

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