FOR IMMEDIATE RELEASE
Belmont, NY – 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.
