New York (STL.News) Governor Andrew M. Cuomo announced the new $25 million Legacy Cities initiative, a targeted effort to eradicate vacant properties in concentrated neighborhoods across Upstate New York and 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.
“By working to eliminate vacant properties in cities throughout the State, we can facilitate and expand the revitalization efforts currently underway in many underserved neighborhoods, especially those previously impacted by the foreclosure crisis,” Governor Cuomo said. “This new program will help increase property values for current homeowners, improve the quality of life in neighborhoods, and reduce the strain on municipal resources, including fire and police, by decreasing the health and safety risks associated with blighted buildings. As we emerge from the pandemic, it is critical that we continue to make targeted investments like these in order to stabilize our communities and increase affordable housing for New Yorkers.”
Under the new initiative, New York State Homes and Community Renewal will allocate up to $25 million in state subsidies through an application process open to land banks that are active in upstate cities and are working in partnership with small, local developers.