What is New York's Vacant Rental Program?

The Vacant Rental Program is an initiative by New York State Homes and Community Renewal to provide funding for transforming vacant and distressed apartments into safe, affordable housing.

How much funding did Upstate New York receive?

Upstate New York non-profits and local governments received $16.2 million to create 230 new affordable homes.

Who administers the Vacant Rental Program?

New York State Homes and Community Renewal (HCR) administers the Vacant Rental Program.

Home / Business and Economy / NY Homes Get $16.2M for Vacant Unit Makeovers

NY Homes Get $16.2M for Vacant Unit Makeovers

1 Dec

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Summary

11 non-profits and governments received $16.2 million.
Funding creates 230 safe and affordable homes.
Program targets vacant, uninhabitable Upstate apartments.

NY Homes Get $16.2M for Vacant Unit Makeovers

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.