SYRACUSE, N.Y. — The City of Syracuse expects to open the application period later this month for those interested in applying for funding from the American Rescue Plan Act (ARPA) Distressed Property Fund.
The city’s Department of Neighborhood and Business Development (NBD) created and will administer the program following the Syracuse Common Council’s recent approval, per the office of Syracuse Mayor Ben Walsh.
Recipients will use grants from the $1 million fund to redevelop vacant, “distressed” commercial and historic properties in eligible census tracts in the city of Syracuse.
(Sponsored)
Why ESG and Sustainability Reporting Matters for Your Business
As the landscape of financial reporting has evolved, the concept of environmental, social and governance (ESG) and sustainability has grown exponentially. In 2011, only 5% of S&P 500 companies reported
Avoiding the Most Common Overtime Classification Mistakes
Are you sure your organization is prepared for an audit of your payroll practices? In this FREE one hour webinar to be held at noon on November 14, 2023, you
“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,” Walsh said. “These ARPA funds will have an even greater impact because grant recipients must bring other sources of funding to their projects.”
The program is intended for existing properties and structures that are vacant and in need of rehabilitation, Walsh’s office said. 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.
Recipients must use funds for building stabilization, structural repairs, and interior or exterior renovations. Applications must demonstrate that the funds will facilitate redevelopment of a property to return it to productive use.
NBD expects to make award notifications in late spring or early summer, Walsh’s office said.
