ALBANY, N.Y. (NEWS10) – It was announced Thursday that a new $25 million effort was put in place to eliminate vacant properties in concentrated neighborhoods across Upstate New York. And, 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.