Published on February 07, 2023
Syracuse Mayor Ben Walsh says Common Council approval of the American Rescue Plan Art (ARPA) Distressed Property Fund will further support ongoing efforts to revitalize neighborhood business corridors. Grants from the $1 million fund will be used to redevelop vacant distressed commercial and historic properties in eligible census tracts in the City of Syracuse. The Council voted unanimously to authorize the new program.
“The pandemic took a big toll on our neighborhoods. It halted or significantly delayed many great projects. The ARPA Distressed Property Fund will breathe new life into vacant sites and historic properties, so they can again be positive contributors to our city,” said Walsh. “These ARPA funds will have an even greater impact because grant recipients must bring other sources of funding to their projects.
The Department of Neighborhood and Business Development (NBD) created and will administer the program. It is intended for existing properties and structures that are vacant and are in need of rehabilitation. It targets projects that have a total cost of, at least, $10 million. Projects will also be eligible if they are on the Federal National Register of Historic Places or are owned by the Greater Syracuse Land Bank or the City of Syracuse and are under contract to be purchased.
Funds must be used toward building stabilization, structural repairs, and interior or exterior renovations. Applications must demonstrate the funds will facilitate redevelopment of a property to return it to productive use.
NBD expects to open applications in late February with the goal of making award notifications in late spring or early summer.
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