Categories: Construction, Design & Real EstateInsurance & Financial ServicesLaw, Accounting & TaxesSubscriber Only

Syracuse distressed-property fund application deadline comes in late April

The City of Syracuse on March 17 announced it is accepting applications for the American Rescue Plan Act (ARPA) distressed-property fund. The city’s Department of Neighborhood and Business Development (NBD) will take applications through 3 p.m. on April 26. (PHOTO CREDIT: ZOEYADVERTISING.COM)

SYRACUSE, N.Y. — Anyone interested in seeking funding through the City of Syracuse’s distressed-property fund has until 3 p.m. on April 26 to submit an application. The new distressed-property fund seeks to spur redevelopment and improvement of vacant, distressed commercial, mixed-use and historic properties in the city. It uses money from the American Rescue Plan […]

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

SYRACUSE, N.Y. — Anyone interested in seeking funding through the City of Syracuse’s distressed-property fund has until 3 p.m. on April 26 to submit an application.

The new distressed-property fund seeks to spur redevelopment and improvement of vacant, distressed commercial, mixed-use and historic properties in the city. It uses money from the American Rescue Plan Act (ARPA).

The city’s Department of Neighborhood and Business Development (NBD) created the program, and Syracuse Common Council authorized it.

“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.

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.

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 St., Suite 612, Syracuse, N.Y. 13202.

Eric Reinhardt