In 2022, Governor Hochul announced the creation of the NY Forward program to invigorate and enliven downtowns in New York’s smaller and rural communities – the type of downtowns found in villages, hamlets and other small, neighborhood-scale municipal centers.
The NY Department of State (DOS) would like to engage New York’s CDFIs in the DRI/NY Forward program.
In the past, seasoned developers have been more apt to meet the condensed planning timeline and take advantage of the DRI process and funds; however, traditionally under-resourced project sponsors (private and nonprofit) have had a difficult time identifying additional funding sources and accessing the technical assistance needed.
NY Forward builds on the success of the Downtown Revitalization Initiative (DRI) by adopting the same “Plan-then-Act” strategy as the DRI.
The State has allocated $100 million for the first round of NY Forward. Each of the State’s ten Regional Economic Development Councils (REDCs) will have the option of recommending two communities for $4.5 million NY Forward awards or three communities one of which will receive $4.5 million and two will be awarded $2.25 million.
The Office of Planning, Development & Community Infrastructure of the NY DOS is compiling a list of CDFIs that provide services that applicants might need.
We hope you’ll take a moment to complete this brief survey, then join us on Friday, May 19, for our All Hands Zoom on the DRI / NYForward process. (Thanks to those of you who have already taken the survey!)