FOR IMMEDIATE RELEASE:
Belmont, NY – February 10, 2025 – ACCORD is pleased to announce the award of $750,000 in funding through New York State’s Vacant Rental Program.
The Vacant Rental Program is a new initiative by the State of New York to support the rehabilitation of vacant rental units, and other vacant spaces, to increase the supply of critically needed apartments for low- and moderate-income renters. ACCORD anticipates the completion of thirteen units with the funds.
Rehabilitation activities must be necessary to turn vacant units into habitable and marketable rental units. Projects using VRP funds must produce a finished residential unit or units ready for occupancy.
Eligible Activities: Health and safety improvements, correction of code violations and or updating spaces to meet residential standards, accessibility modifications, environmental remediation, and other repairs determined necessary to rehabilitate vacant units.
Eligible Properties: 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.
Ineligible Properties: Mobile and manufactured homes, properties in foreclosure, and detached accessory structures (unless previously used as a legal housing unit, as verified by ACCORD).
Prioritization: Priority will be given to landlords that meet the following criteria: Live within Allegany County, landlords that have two or more years’ experience as a landlord, landlords that have participated in a rental assistance program for at least one year of the last three years, landlords with under twenty rental units, and landlords that submit a completed application with necessary backup documentation at time of application.
Compliance Period: A 10-year Regulatory Period will be required during which the owner must be willing to execute an agreement and rental covenant that will subject units to rent limits, tenant income restrictions, 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.
To Apply: Applications can be picked up at 84 Schuyler Street, Belmont, NY 14813 and are available at: www.accordcorp.org. Applications will be accepted until March 4, 2025, at 3:30p.
Vacant Rental Program information is available at: htps://hcr.ny.gov/vrp or for more information, please contact Jeff Stager at 585-268-7605 x1125 or jstager@accordcorp.org