New York State has awarded $44.7 million to three New York State Homes and Community Renewal programs in the final round of funding for 2026 to build and rehabilitate more than 420 rental homes.
As part of the program, $24 million will be used to transform 291 vacant properties, including those in Broome, Tioga and Chenango counties, into affordable homes.
The Small Rental Development Initiative was awarded over $10 million and the Small Buildings Participation Loan Program was awarded $10.7 million.
“New York is committed to using all tools in its toolbox when it comes to housing affordability,” New York Gov. Kathy Hochul said in an April 27 press release. “The Vacant Rental Program is a great example of how we can transform underutilized spaces to create homes that hundreds of households in communities across New York will be able to afford.”
Vacant Rental Program
The Vacant Rental Program was introduced in the FY25 Enacted Budget to reinvest in uninhabitable spaces for low- and moderate-income residents living outside of New York City.
Eligible property owners — including private individuals, nonprofit organizations, public entities and eligible LLCs — with buildings that have five units or fewer will be able to receive either $50,000 or $75,000 per unit in rehabilitation grant money depending on the Area Median Income requirement for tenants.
As part of the program, owners must maintain ownership of the property for 10 years.
Eligible applicants must also be in good financial standing in regard to mortgage payments, property insurance, utilities and property taxes.
Funding will be distributed to 19 nonprofits and local governments to then be used by property owners with renovation efforts.
2026 Vacant Rental Program Awardees
New York Homes and Community Renewal Commissioner RuthAnne Visnauskas said in a press release the $44.7 million investment “will improve affordability and utilize the potential of vacant buildings throughout New York.”
What repairs are covered by the Vacant Rental Program?
How to apply for the Vacant Rental Program through the Broome County Land Bank
The Broome County Land Bank said this is the second award for their Vacant Rental Program, making the total $2.22 million to help “small-scale” landlords. To assist with the renovation of rental units throughout Broome County, NYSHCR gave the Broome County Land Bank $1.11 million in 2024.
In a May 1 press release announcing the news, Broome County Land Bank Executive Director Robert O’Donnell said the additional support “is a testament to the success” of the program.
Visit broomelandbank.org and find the application and more information about the program under the “Initiatives” tab.
How to apply for the Vacant Rental Program through the Tioga County Property Development Corporation
This is the first year Tioga County will be participating in the Vacant Rental Program. Tara Patton, housing development specialist at Tioga County Department of Economic Development and Planning, hopes this will be the “first step in addressing the ongoing shortage of affordable housing.”
The wide range of rehabilitation repairs will address the “urgent safety and housing concerns,” Patton said, while preserving and expanding housing opportunities for Tioga residents.
Tioga County Property Development Corporation expects the program to have a “meaningful impact” by returning vacant and deteriorated rental units to the housing market.
Applications are expected to be made available in the “near future,” according to the county. Interested property owners can call 607-687-8267 or pick up physical applications at the office located at 56 Main St. in Owego when they are available.
How to apply for the Vacant Rental Program through the Development Chenango Corporation
This is the first year Chenango County will be participating in the program, and according to the Director of Economic Development of Commerce Chenango Tyler Oliver, they expect to have applications open in the next two months.
The opportunity to help property owners make improvements and convert vacant properties into affordable housing, Oliver said, “will be huge” for Chenango residents.
With the $750,000 investment, Chenango is anticipating converting up to 10 unoccupied units into a livable space.
Visit commercechenango.com and use the “Resources & Funding” tab to access the application when it becomes available.
Kalyn Grant reports on public service issues for the Press & Sun-Bulletin, focusing on schools and community impact. Have a story to share? Follow her on Instagram @KalynCarmen and on Facebook under Kalyn Kearney. Get in touch at KCGrant@usatodayco.com
This article originally appeared on Binghamton Press & Sun-Bulletin: NY awards millions to transform vacant Broome, Tioga, Chenango rentals
Reporting by Kalyn Grant, Binghamton Press & Sun Bulletin / Binghamton Press & Sun-Bulletin
USA TODAY Network via Reuters Connect
