State program seeks to rehabilitate residential and commercial properties
From ACCORD,
Belmont, NY – July 23, 2024 – ACCORD is preparing an application for the New York State’s Vacant Rental Improvement Program (“V-RIP”) and would like to hear from interested landlords in Allegany County.
The V-RIP program is funded by the State of New York and aims to help owners of rental properties bring vacant units and spaces in small-scale properties back into productive use to create safe, quality, and affordable long-term rental units for low- and moderate-income renters outside of New York City.
Eligible Activities: Funding may be used to improve and rehabilitate vacant housing units and other vacant spaces, including commercial spaces, that are currently uninhabitable or unmarketable into safe, quality, and affordable rental units. These repairs and improvements may include health and safety improvements, correction of code violations and/or updating spaces to meet residential standards, accessibility modifications, environmental remediation, and other repairs determined by the local program administrator as necessary to rehabilitate vacant units.
Ownership: Applicant must be the legal owner of one of the following: 1-5 unit residential property, mixed-use building with up to five (5) housing units, or other building that will be converted to one of the above.
Prioritization will be given to small, local, and responsible owners. Only vacant units are eligible for assistance.
Compliance Period: A 10-year Regulatory Period will be required during which the owner must be willing to execute an agreement and rental covenant on assisted units that will subject units to rent limits and other requirements.
Funding: Standard V-RIP, $50,000 per unit and tenant household income must be 80% of the Area Median Income or lower. Enhanced V-RIP, $75,000 per unit and tenant household income must be 60% of the Area Median Income or lower.
Interested Landlords: To bring this resource to Allegany County we need landlords to complete the survey to show we have a need. If interested, please complete the below survey.
https://forms.office.com/r/12ksihWE4e
The application is due in October and awards will be announced around the end of the year. If funded, we will be complete a more detailed application.
For more information, please contact Jeff Stager at 585-268-7605 x1125 or jstager@accordcorp.org