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$100 million for downtown revitalization in New York

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Staff Writer |
New York DRI
Empire State   An innovative approach to economic development

Governor Andrew M. Cuomo unveiled the third proposal of the 2018 State of the State: invest $100 million to launch round three of the Downtown Revitalization Initiative.

This is an innovative approach to economic development aimed at transforming communities for the next generation of New Yorkers to want to live and work.

The revitalization program, first announced in the Governor's 2016 State of the State address, would invest up to $10 million to award communities in each economic development region.

The downtown areas will be selected by the state's Regional Economic Development Councils.

The Governor's $100 million Downtown Revitalization Initiative (the "DRI") is a comprehensive, multi-agency approach to transform vulnerable, vacant or forgotten areas of the state into livable, walkable, dynamic neighborhoods.

Round three of the DRI will invest up to $10 million in each of New York's 10 economic development regions to support transformative projects that will attract and retain residents, visitors and businesses.

Projects will be identified through a strategic planning process driven by third party planning experts and support from the Department of State and New York State Homes and Community Renewal.

Eligible projects should support the growth of small businesses, foster the creation of new jobs, leverage local institutions, expand affordable and quality housing, and improve transportation opportunities and corridors.

The DRI program includes up to $10 million subject to the development of a strategic investment plan. The program will be administrated by the Department of State and Empire State Development.

The Department of Environmental Conservation and the Department of State will be consulted as needed on waterfront development projects, and New York State Homes and Community Renewal will be consulted for affordable and mixed income housing related projects.

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