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NY Homes Get $16.2M for Vacant Unit Makeovers
1 Dec
Summary
- 11 non-profits and governments received $16.2 million.
- Funding creates 230 safe and affordable homes.
- Program targets vacant, uninhabitable Upstate apartments.
New York State Homes and Community Renewal recently announced a significant investment of $16.2 million, distributed among 11 non-profits and local governments. This funding is dedicated to converting vacant and uninhabitable apartments into 230 new affordable homes throughout Upstate New York. The initiative is a key component of Governor Kathy Hochul's strategy to address the housing crisis.
The Vacant Rental Program, administered by HCR, provides subsidies to transform distressed properties. It offers up to $50,000 for units accessible to households earning 80% of the area median income, and up to $75,000 for those at 60% AMI. Eligible expenses include essential upgrades, code violation repairs, and remediation.
This latest round builds on previous success, with over $56 million invested to date, creating more than 600 affordable homes. The program actively seeks to revitalize properties, offering a lifeline to small property owners. The current application period for the third round of funding closes January 15 or when funds are depleted.
