Governor Kathy Hochul announced that the Town of Newark has received $1 million as part of the state’s Restore New York Communities initiative. Restore New York supports community revitalization efforts with funding to eliminate and reduce blight, revitalize communities, and create new housing and economic opportunities statewide. The program, administered by Empire State Development, is designed to help local governments encourage new commercial investment through community revitalization, creating on-site housing, and recapturing property tax revenues to increase the local tax base.
The funds will be used to support the repurposing of 158,000 square feet of vacant, historic buildings in the heart of downtown Newark. As part of the Village’s Downtown Revitalization Initiative, the redevelopment will revitalize a large vacant building and create 101 apartments, creating more housing options for individuals and families who want to live and work in the Village.
“Revitalizing and redeveloping vacant and blighted areas of our communities brings new energy and investment that supports local and regional growth,” said Governor Hochul. “Restore New York helps our communities plan for the future by catalyzing economic growth and supporting housing, businesses and cultural spaces. We continue to unlock the potential of these sites and communities across New York.”
Hope Knight, President, CEO and Commissioner of Empire State Development, said, “Under Governor Hochul’s leadership, New York State is building for the future by supporting projects that advance statewide priorities such as creating more housing and revitalizing communities. Through the Restore New York Communities initiative, we are working with communities to eliminate blight and generate new investments that foster sustainable economic growth.”
NYS Senator Pam Helming stated, “It is important that we continue to work to improve access to housing for families and workers in our communities. These projects provide stability and opportunity for residents and small businesses and support a growing economy and tax base. I was proud to support the Village’s grant application and I congratulate Mayor Taylor and his team.”
New York State Assemblyman Brian Manktelow said, “Once again, New York State is giving back to our community. Investing in our downtowns is investing in our friends and families. That is something I will always appreciate. The opportunity for friends and families to stay in their own community is something we should value. I applaud the initiative of Mayor Taylor and the City Council to move this project forward.”
Newark Township Mayor Jonathan Taylor said, “I am delighted to receive this grant. As a housing-friendly community, we look forward to Coventry Commons and the additional housing it will bring to Newark. This project is important to the revitalization of the village’s downtown.”
Christopher D. Trevisani, Vice President of Business Development at Housing Visions, stated, “We are very grateful for Empire State Development’s support of this important initiative to revitalize downtown Newark. Coventry Commons will provide much-needed housing in the midst of a housing crisis while revitalizing a historic building that once served as an economic engine for the community. By collaborating with diverse village, state and community stakeholders, this development will spur further sustainable economic growth for the region.
