New Funding Opportunity – Vacant Rental Improvement Program

The Vacant Rental Improvement Program (V-RIP) is new funding that is now available through NYS Homes and Community Renewal that will provide funding for the rehabilitation of vacant rental units. A property must have five or less units and the landlord must agree to a 10 year term of affordability. Applications are being accepted from not-for-profit organizations that will serve as Local Program Administrators (LPAs). LPAs are responsible for local implementation of the program including managing applications from property owners, making awards, monitoring construction and compliance, and other administrative roles. Applications are due 10/3/2024. Funding Materials can be found at https://hcr.ny.gov/v-rip.