NEWBURGH – Community Capital New York and local elected officials announced the acquisition of $175,000 in funds for urban renewal and revitalization in Newburgh.
Community Capital New York is a not-for-profit organization that helps local developers revitalize local urban centers in the Hudson Valley. Funding was awarded specifically for the purpose of lead and asbestos remediation, an issue known to be a major deterrent for local developers.
JP Morgan Chase contributed $150,000 and local community banks offered an additional $25,000 in funding.
The funds will be available for remediation grants, meaning that potential developers can receive funds to contribute to the cost of asbestos and lead remediation. Funds will also be available to provide feasibility loans, an option Community Capital Executive Director Kimberlie Jacobs said will be especially beneficial to applying developers.
“If they do the testing and it looks there’s not much remediation to do and they are able to go ahead and rebuild the building, then that becomes part of their construction budget and they will repay the loan but, if the numbers come back and it really doesn’t work, the loan will be forgiven and I think that’s really a unique experience that helps take the risk out of the process for developers and will hopefully encourage more people to take a look at some of the abandoned buildings in Newburgh and get them back into productive use,” Jacobs said on Monday.
Many of the derelict buildings in Newburgh have been vacant for decades, many of which may have been renovated if not for the high cost of asbestos and lead remediation.
Newburgh City Mayor Judy Kennedy believes this new availability of funds will be a great step forward for rejuvenating the city.
“This funding represents positive momentum to revitalize our neighborhoods and improve the lives of the residents who live here,” Kennedy said.