by Steve Bittenbender, The Center Square
| May 28, 2021 08:30 AM
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The state of New York on Thursday announced an initiative to provide more housing opportunities in upstate communities through a partnership with a nonprofit that combats urban blight.
The plan, called the Legacy Cities Initiative, calls for New York State Homes and Community Renewal, a group of state agencies, to issue $25 million in subsidies to target specific neighborhoods. The state will use an application process to allocate the funds for vacant properties, while leveraging private investments from local investors.
Land banks will transfer up to 10 single-family properties to developers, and the nonprofit Community Preservation Corporation (CPC), which is working with the state on the project, will offer financing. Each project will be eligible for up to $75,000 in state subsidies, with the potential for $20,000 more if developers include certain energy improvements in their plans.