How Long Island Is Revitalizing Their Downtowns

New York's historic downtowns serve as dual symbols – echoes of our past and catalysts for future growth. Governor Kathy Hochul's commitment to downtown revitalization is evident in two transformative initiatives: the Downtown Revitalization Initiative (DRI) and NY Forward.

The DRI, allocating $700 million over six rounds and an additional $100 million in its seventh, takes a strategic "plan-then-act" approach. Administered by the Department of State (DOS), it collaborates with key partners to spark vibrant, diverse centers. The DOS, working with HCR, ESD, NYSERDA, and others, accelerates revitalization across all regions, awarding $10 million annually to one community in each of the ten REDC regions.
NY Forward, in its second round, dedicates $100 million to smaller communities. Similar to the DRI, it employs a "plan-then-act" methodology, emphasizing technical assistance for community capacity-building throughout its phases. While awards may be smaller, NY Forward ensures broad and inclusive revitalization.

Governor Hochul's vision, embodied in these initiatives, transforms downtowns into hubs for growth, culture, and diversity. The charts on the next page provide a quick comparison for informed decision-making. New York's downtowns are on the cusp of a remarkable transformation, honoring their past while embracing a vibrant future.

STRATCO is a third-party specialist that navigates the PSEG Long Island incentive programs. STRATCO specializes in creating unique business plans for its clients to solve underserved needs in the marketplace. STRATCO serves the entire value chain with in-depth services to obtain the government incentives available for projects.

You may contact us at the below to learn more.

Caoimhe Banahan

929 353 2768

cb@stratcoproperty.com
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