Mayor Walsh Opens Applications for ARPA Distressed Property Fund
Published on March 17, 2023
Syracuse Mayor Ben Walsh today opened a six week application process for the new American Rescue Plan Act (ARPA) Distressed Property Fund. The program, created by the Department of Neighborhood and Business Development (NBD) and authorized by the Syracuse Common Council, will spur redevelopment and improvement of vacant, distressed commercial, mixed-use and historic properties in the City of Syracuse.
“COVID-19 has been hard on many development projects throughout the City. The Distressed Property Fund will provide gap financing to eligible projects that need a jumpstart or additional assistance to get across the finish line,” said Mayor Walsh. “Working in coordination with the Common Council, this is another example of how Syracuse is deploying pandemic relief to stimulate economic recovery and strengthen city neighborhoods.”
NBD 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.
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. Properties must be located in a qualified ARPA census tract.
Details on the program and the application process can be found at https://www.syr.gov/Distressed-Corridors. Applications will be accepted beginning Friday, Mar. 17, and the deadline for submissions will be 3 p.m. on Wednesday, April 26. pplicants can submit electronically to email@example.com or send applications to: City of Syracuse Department of Neighborhood & Business Development, 201 East Washington Street, Suite 612, Syracuse, NY 13202.