$40 Million Awarded to Revitalize Vacant Apartments Across New York

Transforming Vacant Units Into Safe, Affordable Homes

A new initiative has been launched to address New York’s housing crisis with a $40 million investment aimed at rehabilitating up to 600 vacant and distressed rental apartments. The funding will support 18 nonprofit organizations and local governments across various regions, including the Capital Region, Central New York, and Western New York. These efforts will transform neglected properties into high-quality, affordable homes for low- and moderate-income tenants.

Revitalizing Communities and Supporting Affordable Housing

The Vacant Rental Improvement Program, part of the FY25 Enacted Budget, is designed to restore vacant units in underutilized buildings, turning them into safe, habitable housing options. The program targets smaller landlords, providing up to $50,000 for renovations of units serving households at 80% of the area median income (AMI) and up to $75,000 for units with a 60% AMI limit. These improvements will contribute to neighborhood revitalization and provide long-term housing stability for residents.

Focusing on Health, Safety, and Accessibility

The awards will fund essential upgrades, including health and safety improvements, code violation corrections, accessibility modifications, and environmental remediation. These repairs will ensure that the apartments are restored to habitable conditions and meet modern housing standards. The program also mandates a 10-year regulatory period to maintain affordability, ensuring the units remain accessible to low- and moderate-income families for the long term.

A Key Investment in Housing Stability

This important investment is essential to addressing the housing shortage in upstate New York. By revitalizing up to 600 neglected units, the Vacant Rental Improvement Program will increase the availability of affordable housing and help alleviate the region’s pressing housing challenges.