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SCHENECTADY, N.Y. — Better Community Neighborhoods, Inc. (BCNI), in partnership with the Capital Region Land Bank and the City of Schenectady, announced today that applications are now being accepted from property owners and landlords for the Vacant Property Improvement Program (Schenectady V-PIP.). The goal of the program is to rehabilitate and transform vacant properties into safe and affordable rental housing.
Late last year, New York State Homes and Community Renewal (NYS HCR) awarded $3.75 million to Schenectady to assist with property renovations in support of new housing.
Matthew Nelson, CEO of BCNI said, “We are pleased to launch this exciting opportunity to create new quality affordable housing for our residents, and we thank New York State HCR for providing the grant funding to make this possible.”
“The Land Bank is pleased to join this effort to create more housing opportunities in Schenectady,” said Richard Ruzzo, Land Bank Chair and Deputy Chair of the Schenectady County Legislature. “As Schenectady continues to grow, we need quality housing to support that growth, and this new program will help turn vacant space into new homes for our residents.”
Mayor Gary McCarthy said, “We thank Governor Hochul for providing this funding to expand the availability of much needed affordable housing in creative ways, by repurposing vacant residential and commercial space.”
The new program offers financial assistance of up to $75,000 for each apartment that is renovated according to program guidelines. The goal is to transform vacant property and expand the availability of much-needed quality affordable housing for low- and moderate-income city residents.
The program offers two award options: a Standard Award of up to $50,000 per unit and an Enhanced Award of up to $75,000 per unit. All assistance from the program comes with the requirement that property owners rent to income-qualified individuals or households and maintain affordable rents for a 10-year period. Eligible properties include residential buildings with one to five residential units and mixed-use buildings with up to five residential units, or other vacant property eligible for conversion that results in the creation of no more than five residential rental units. Funds provided through the Schenectady V-PIP cover essential rehabilitation work to ensure units meet housing standards.
Property owners retain full ownership and management responsibilities while receiving support from BCNI throughout the rehabilitation process. This initiative not only improves the appeal and value of individual properties but also adds to the overall revitalization of Schenectady’s housing market.
Interested property owners are encouraged to apply. Applications will be accepted and funds awarded on a rolling basis until all Schenectady V-PIP funds have been awarded or exhausted. For more information and to obtain an application, contact BCNI at 518-372-7616 or vrp@bcnihousing.org.