Rehabilitating and developing New York’s blighted properties
Abandoned and deteriorated buildings can hold both despair and promise. While these blighted properties are only a shell of what they once were, there is still the possibility that they can support the city’s people again.
It can be intimidating to think about the amount of work it would take to rehabilitate a blighted property. However, there have been a few initiatives to support developing these properties.
Here’s what you should know about new initiatives to revitalize and develop blighted properties in Upstate New York.
Legacy Cities initiative
Last year began an effort to transform the blighted areas of Upstate New York. The state invested $25 million to take formerly abandoned and deteriorating buildings into functional spaces and affordable housing.
Blighted buildings pose health and safety risks and can strain city resources. Moving forward to revitalize these areas serves two purposes: reducing risks and supporting those who need affordable housing.
While the initiative comes in part from state subsidies, it also creates partnerships with local developers and contractors. Once the blighted areas are rehabilitated and inhabitable, the properties are to be sold to first-time homebuyers. There are also community-based housing counseling agencies to support underserved residents in the homeownership market.
Programs like this can create opportunities for everyone in the community while making use of properties that were abandoned and in disrepair. Buildings that were once a sign of neglect and abuse can be transformed into a beacon of hope for underserved residents and those who want to support the community by revitalizing these buildings.
Contact Hedgeman Law for assistance.