NEW YORK (WETM) – Governor Andrew Cuomo announced today that $200 million is available for the fifth round of the Downtown Revitalization Initiative (DRI).
The funds will be provided to communities across the 10 Regional Economic Development Council regions in order to bring new life to their downtowns.
“The DRI is a cornerstone of New York’s comprehensive economic development strategy,” Cuomo said, “to drive investment and job creation in downtowns across the state.”
As part of DRI Round 5, each REDC region may receive up to two awards for a total of $20 million awarded per region. REDCs will decide whether to nominate two $10 million awardees or one $20 million awardee for transformative and catalytic downtown redevelopment projects upon review of the submitted applications.
As is the case with past DRI rounds, each selected community will develop a strategic plan that articulates a vision for the revitalization of its downtown and identifies a list of signature projects that have the potential to transform the downtown.
DRI funds will then be awarded for selected projects that have the greatest potential to jumpstart revitalization and realize the community’s vision for the downtown.