“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,” Syracuse Mayor Ben Walsh said in a news release. “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, Walsh’s office said.
Recipients must use funding awards to help pay for 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.
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The commercial real estate market has been rough for some time, and the residential market has seen wild fluctuations. Inflation, high interest rates and decreased demand for office space have
Properties must be located in a qualified ARPA census tract, Walsh’s office noted.
Details on the program and the application process can be found at https://www.syr.gov/Distressed-Corridors.
The deadline for submitting applications is 3 p.m. on April 26. Those interested can either submit electronically to business@syrgov.net or send applications to: City of Syracuse Department of Neighborhood & Business Development, 201 East Washington Street, Suite 612, Syracuse, NY 13202.
