Governor Kathy Hochul unveiled that $64.1 million has been allocated to 43 projects across New York through the Restore New York Communities Initiative. This program aims to eradicate blight, boost community revitalization, and foster new residential and economic opportunities statewide. Administered by Empire State Development, it encourages local governments to attract commercial investments and expand housing while enhancing the local tax base.
“Revitalizing and rehabilitating vacant and blighted areas of our communities brings new energy and investments that support local and regional growth,” Hochul stated. She emphasized the initiative’s role in driving economic growth and enhancing housing, businesses, and cultural spaces throughout New York.
Among the recipients, the Village of Newark received $1 million for transforming a historic 158,000-square-foot downtown property into 101 apartments. This redevelopment is part of Newark’s Downtown Revitalization Initiative, aimed at increasing housing options and invigorating the village center.
The City of Ithaca secured $1.89 million for a significant project involving the demolition and reconstruction of three properties. The plan includes replacing two vacant commercial buildings with a 24-unit residential apartment building, spanning 29,000 square feet with ground-level parking and three floors of housing.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to news@fingerlakes1.com.