The City of Ithaca has been awarded $10 million as the Southern Tier winner of the ninth round of the New York state Downtown Revitalization Initiative.
Gov. Kathy Hochul announced Ithaca’s DRI funds April 23, while also stating the villages of Stamford and Margaretville will each receive $4.5 million as the Southern Tier winners of the fourth round of NY Forward.
“Building the foundation and delivering for generations of New Yorkers requires taking actionable measures,” Hochul said. “The Downtown Revitalization Initiative and New York Forward programs bring the brightest ideas to life, and the Southern Tier will thrive with these investments in Ithaca, Stamford and Margaretville to increase recreational opportunities and further generate economic growth for their communities.”
How Ithaca plans to use $10 million DRI award
The governor’s statement called Ithaca’s downtown the heart of the city, where creativity, diversity and opportunity converge to shape a dynamic future for both the city and the region.
Anchored by one of the nation’s earliest pedestrian malls, the Ithaca Commons, and extending along the West State/MLK Jr. Street Corridor, the DRI area reflects both the city’s rich cultural legacy and its untapped potential for inclusive growth, Hochul said.
According to the announcement, Ithaca will use the $10 million to unite these currently disjointed areas into a continuous, welcoming district that encourages exploration and strengthens community connections.
According to Hochul, “strategic investments” will transform underutilized spaces into affordable housing, thriving small businesses and inviting public amenities that serve residents, college students and visitors alike.
“This $10 million investment in the West Martin Luther King Street corridor will create hundreds of new homes, catalyze new business, and attract hundreds of millions in private investment to truly transform Ithaca,” Ithaca Mayor Robert Cantelmo said. “Thank you, Governor Hochul, for your leadership, commitment, and support at this critical moment and thank you to my colleagues on the Regional Economic Development Council for embracing our vision of Ithaca’s future.”
This effort, the award statement said, builds on more than $400 million in recent public and private investment while addressing pressing needs for housing, retail revitalization and multimodal connectivity.
“As the economic engine of Tompkins County and a regional employment hub drawing thousands of daily commuters, Ithaca’s prosperity directly supports the strength of the broader Southern Tier,” the award statement said. “Guided by principles of equity, sustainability and collaboration, the city is committed to shaping a downtown that reflects its unique identity while fostering long-term resilience.
“Through the DRI, Ithaca will cultivate a cohesive, arts-driven urban center that fuels innovation, supports local entrepreneurship and secures economic vitality for generations to come.”
How localities become eligible for DRI, NY Forward funding
To receive funding from either the DRI or NY Forward program, localities must be certified under Governor Hochul’s Pro-Housing Communities Program, which recognizes and rewards municipalities actively working to unlock their housing potential and encourages others to follow suit. After becoming certified, localities have exclusive access to up to $750 million in State funding, including DRI and NY Forward.
For Round 9 of the DRI and Round 4 of the NY Forward Program, each of the state’s 10 economic development regions is being awarded $10 million from each program, for a total state commitment of $200 million in funding and investments to help communities boost their economies by transforming downtowns into vibrant neighborhoods.
To date, total investments in the DRI and NY Forward have reached $1.4 billion, state economic development officials said.
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This article originally appeared on Ithaca Journal: Ithaca nabs $10 million NYS downtown revitalization award. What it means
Reporting by Neal Simon, Ithaca Journal / Ithaca Journal
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