NYC’s Chinatown Neighborhood the Latest to Receive $20 Million DRI Money
Manhattan’s Chinatown neighborhood is the latest area to receive a $20 million grant to spur economic revitalization as part of New York’s Downtown Revitalization Initiative (DRI).
The DRI, overseen by the New York State Department of State, is in its fifth year of operation. Through it up to twenty downtown neighborhoods are eligible to receive monies, according to the New York State Downtown Revitalization Initiative website, to transform their “neighborhoods into vibrant centers that offer a high quality of life and are magnets for redevelopment, job creation, and economic and housing diversity.”
Other agencies - including Empire State Development and New York States Homes and Community Renewal – cooperate and offer input on potential grant recipients as well.
New York has ten Regional Economic Development Councils and each may nominate downtown regions that may receive a funding award. Two downtown regions may each be given $10 million or one may be given $20 million. A total of $200 million was allocated for distribution in 2021.
Of critical importance now is those regions hit hardest by the effects of the COVID-19 pandemic.
In a written release New York Governor Kathy Hochul stressed the importance of the initiative and for “…creating a positive buzz and attracting private sector investments.” In the same statement Lieutenant Governor Brian Benjamin said that, for Chinatown, the money “…will further bolster the renaissance in downtown redevelopment that is spreading and flourishing throughout New York State.”
In the Mohawk Valley previous winners of DRI grants were as follows:
- DRI Round One: Oneonta
- DRI Round Two: Rome
- DRI Round Three: Amsterdam
- DRI Round Four: Utica
As part of the funding the cities will help develop Strategic Investment Plans. The goals of the plans include a variety of objectives from enhancing walkability and cultural diversity to facilitating the installation of electric vehicle charging stations.
The deadline for the 2021 DRI Five was September of 2021.