Funding available for state Main Street economic development program

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The New York State Main Street Program administered by the state Homes and Community Renewal (HCR) is accepting applications until Jan. 15th. The federally funded program is typically part of the annual Consolidated Funding Application round but will run differently this year.

Roughly $6.2 million is available for communities statewide this year.

NYMS provides resources to invest in projects that provide economic development and housing opportunities in downtown, mixed-use commercial districts. Eligible applicants apply to HCR for matching, reimbursement grants ranging from $50,000 to $500,000 to assist downtown property owners with renovation projects or technical assistance projects to support later renovation projects.

Both local governments and nonprofits are eligible for funding, officials said.

Successful applicant requirements include:
• Alignment with “Main Street” and downtown revitalization principles;
• Capacity for applicant organization to administer a renovation grant program;
• Clear need and support in the community
• Ability to leverage private investment;
• Clear financing plan and funding commitments;
• Ability to complete the project within the 2-year grant period.

Grants are awarded in four categories including up to $20,000 for a technical assistance project. TA grants are typically used for building reuse or feasibility studies. The NYMS-TA funds cannot exceed 95 percent of the total project cost and applicants can request an additional $15,000 in streetscape enhancement funds for activities that improve the NYMS target area.

Applicants may request between $50,000 and $500,000 for a Target Area Building Renovation Program. Recipients of NYMS funds may award matching grants of up to $50,000 per building, not to exceed 75 percent of the total project cost to property owners in a designated target area. Renovation projects that provide direct assistance to residential units may be awarded an additional $25,000 per residential unit, up to a per-building maximum of $100,000.

Applicants may request between $100,000 and $500,000 for a standalone, single-site, “shovel ready” renovation project. NYMS Downtown Anchor Project funds are intended to help establish or expand cultural, residential or business anchors that are key to local downtown revitalization efforts through substantial interior and/or exterior building renovations.

Applicants may request between $100,000 and $500,000 to complete a Downtown Stabilization Project. Funds are available to assist with environmental remediation and associated construction costs, as well as other innovative approaches to stabilizing and developing a downtown, mixed-use project.

In response to COVID-19, NYMS has expanded eligible activities to include sustainability and resiliency. Applicants may request to use funds to alleviate the impacts of the pandemic. COVID
Relief activities must be directly related to a building renovation activity and will be awarded on a per-project basis. Funds will be awarded only for eligible activities ancillary to a Target Area Building Renovation or Downtown Anchor project and cannot be applied for on its own.

Additionally, applicants may request a higher amount, up to $60,000, if the additional requested funds directly alleviate COVID-related impacts such as the creation of shared outdoor dining space, among other things. Projects that specifically create paid work for artists or support the artist community will receive favorable consideration, officials noted. Streetscape funds are only available in conjunction with a Target Area Building Renovation or Technical Assistance Project.

Past NYMS success stories include the city of Geneva’s Dove Block Redevelopment project, which was awarded a $20,000 NYMS–TA grant to use for a feasibility study for the historic Dove Block building in downtown Geneva.

The village of Attica completed a New York Main Street program grant in the amount of $250,000, which leveraged more the $827,000 in private investment and helped six property owners to complete renovations in the village’s downtown commercial district.

NYMS is hosting a webinar on Dec. 4 at 10 a.m. for interested parties.

[email protected] / 585-653-4021
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