Request for Submissions:

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VACANT RENTAL PROPERTY PROGRAM

Potential Opportunity to Receive up to $50,000.00 to $75,000.00 per unit

To Improve and Rehabilitate Vacant Rental Property

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​The City of Rensselaer is applying to New York State for funding for a Vacant Rental Property Program. If the city receives a grant from New York State we could provide owners of vacant property funding to improve and rehabilitate vacant housing units and convert other vacant spaces, including former commercial spaces, that are currently uninhabitable or unmarketable into safe, quality, and affordable rental units. These repairs and improvements may include health and safety improvements, correction of code violations and/or updating spaces to meet residential standards, accessibility modifications, environmental remediation and other repairs determined by the local program administrator as necessary to rehabilitate vacant units.

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​Through the program the City of Rensselaer could provide up to $50,000.00 or $75,000.00 for rehabilitation costs for each vacant apartment brought back into use. In order to receive up to $50,000.00 you will need to commit to setting an affordable rent and only renting to households at or below 80% of the Area Median Income for 10 years. In order to receive up to $75,000.00 you will need to commit to setting an affordable rent and only renting to households at or below 60% of the Area Median Income for 10 years.

 

 These are the current Income Limits and Maximum Housing Costs for 2025:

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In other words, if you, as the landlord, pay for all utilities and fees, you could charge the full amount above. If the tenant pays for any utilities and fees the maximum rent would be reduced according to the utility allowance for the type of utilities that are the tenant’s responsibility.
The City of Rensselaer will be responsible to reviewing and qualifying tenants to determine income eligibility and also for ensuring that rents are kept affordable and apartments are habitable.

Grant funds will be provided on a reimbursement basis up to the maximum amount once the apartment is renovated and rented to an eligible tenant. If you are interested in receiving up to $50,000.00 to $75,000.00 for renovating a vacant apartment please complete and return the attached form by August 22, 2025.
 

 

 

 

 

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