NEW YORK (WWTI) — Governor Cuomo announced that $200 million will be available for the fifth round of the Downtown Revitalization Initiative.
The fifth round is being launched as New York State works to rebuild its economy from the effects of the pandemic. Round five will provide funds to communities across the ten Regional Economic Development Council regions to bring new life to their downtown areas. This will be done through a comprehensive strategic planning process and then implementing key projects.
Each REDC region, including the North Country, will have the opportunity to be awarded $20 million. It will be up to each region to decide whether to nominate two $10 million awardees or one $20 million awardee for transformative downtown redevelopment projects after reviewing the submitted applications.
Empire State Development Chief Operating Officer and Executive Deputy Commissioner Kevin Younis said these awards will benefit communities across the state.
“This fifth round of DRI funding demonstrates ESD’s continued commitment to boost local economies through smart, strategic investments in downtowns across New York,” Younis said. “Our targeted support of community-generated projects has been a force multiplier, encouraging new investment and revitalizing neighborhoods into vibrant places where people want to live, work and play.”
Each selected community will develop a strategic plan that explains their vision for the revitalization of its downtown, and the projects needed in order to transform it. DRI funds will then be awarded for selected projects that have the greatest potential to complete the community’s vision for a restored downtown.
Applications for DRI Round 5 are available on the DRI website and should be submitted to the appropriate Regional Economic Development Council by September 15. Those interested in receiving the full award will be required to respond to further questions in order to demonstrate how their projects can successfully manage the full $20 million in DRI funds.