NEW YORK STATE VACANT RENTAL PROGRAM

Vacant Rental Program (VRP)

The Vacant Rental Program (VRP) is designed to revitalize unused residential units and convert vacant commercial spaces into housing. This program provides grant funding of up to $50,000 for units designated for tenants earning 80% or less of the Area Median Income (AMI) and up to $75,000 for units rented to tenants earning 60% or less of AMI.

Eligible Participants

To qualify for the program, participants must meet the following criteria, in addition to adhering to the tenant income limits:

• Ownership: Applicants must be the legal owner of one of the following property types:

  • A 1-5 unit residential property
  • A mixed-use building with up to five (5) residential units
  • Other buildings that will be converted into one of the above property types

• Compliance Period: Participants must agree to a 10-year regulatory period, during which they must execute an agreement and rental covenant on assisted units. This covenant will impose rent limits and additional requirements to ensure affordability.

Eligible Activities

Grant funding may be used to improve and rehabilitate vacant housing units and convert other uninhabitable or unmarketable spaces, including commercial properties, into safe, high-quality, and affordable rental units. Eligible improvements may include:

• Health and safety upgrades
• Correction of code violations
• Renovations to meet residential standards
• Accessibility modifications
• Environmental remediation
• Other necessary repairs, as determined by the local program administrator, to bring vacant units back into use