The first municipalities have been announced to receive $10 million each in round two of Governor Andrew Cuomo’s Downtown Revitalization Initiative (DRI). One city in each of the state’s ten regional economic development councils is being selected to receive funding from the $100 million pool.
Selections are based on a downtown’s potential for transformation with a strategic plan for boosting its local economy through job growth, multiple housing options and attractive quality of life improvements.
Communities selected to date in Round Two of the DRI are:
Central New York
New York City
Western New York
The state received 104 applications in round two. The municipalities selected to receive $10m awards are slated to receive the funding over five years. It is unknown at this time whether or not the DRI will expand to Round 3.
There are many ways to utilize the state funding through the DRI. Our next muniblog post will look at Round 1 recipients and how they used their $10 million grant to transform their downtowns.