(WNY News Now) – A $2 million state grant will fund the rehabilitation of vacant, condemned rental units in Jamestown, aiming to provide affordable housing and combat poverty in the struggling city.
JAMESTOWN, NY – The City of Jamestown’s Department of Development, in partnership with Citizens Opportunity for Development and Equality (CODE Inc.) has been awarded $2 million dollars through the New York State Homes and Community Renewal Vacant Rental Improvement Program.
In October of this year, the Department of Development and CODE Inc. applied as co- applicants for over $2.9 million dollars in an effort to convert vacant and condemned housing units into affordable long-term rental properties. The joint effort in this funding application resulted in a $2-million-dollar award allowing the Department of Development and CODE Inc. to oversee the rehabilitation of up to, or around, 20 vacant housing units. This grant opportunity is restricted to local landlords managing fewer than 20 units. CODE Inc. is also eligible to receive up to 15% of the awarded funds to rehabilitate vacant units of their own that are not currently habitable.
Under New York States guidelines, units receiving V-RIP assistance of up to $50,000.00 must be rented to an individual or family that is at or below 80% of area median income. Units receiving V-RIP assistance of up to $75,000.00 must be rented to an individual or family that is at or below 60% of area median income. These units must remain compliant with income requirements for a 10-year period as part of the program’s compliance regulations. Official income requirements are released annually with updated figures available in the coming months.
Given the status of an Opportunity Zone, a NYS Pro Housing Community, and a Justice40 community, Jamestown faces significant socio-economic challenges, with 28.2% of its residents living below the poverty line, a median household income of just $39,507, and rising unemployment rates, particularly exacerbated since 2018. This opportunity comes as the City’s housing stock is suffering from neglect, old age, and destruction, with a high rate of homelessness and poverty rates. The urgent need for safe, quality housing to stabilize and revitalize this historically underserved community cannot be over emphasized.
This program is not anticipated to be available to members of the public for the next several months as the award acceptance process and program build-out occurs.
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