COHOES — Gov. Kathy Hochul announced that the City of Cohoes will receive $10 million in funding as the Capital Region winner of the sixth round of the Downtown Revitalization Initiative at a presentation at Cohoes Music Hall on Friday, March 3.
For the Downtown Revitalization Initiative Round 6, each of the state’s 10 economic development regions are being awarded $10 million, to make for a total state commitment of $100 million in funding and investments to help communities boost their economies by transforming downtowns into vibrant neighborhoods.
“By investing in Cohoes’ downtown, we are ensuring the prosperity of this beautiful and welcoming community that residents and visitors have long enjoyed,” Governor Hochul said. “This funding will ensure that all of Cohoes, from its stunning waterfalls to lively downtown, can be a place where residents work, play, and thrive for generations to come.”
The Downtown Revitalization Initiative (DRI) serves as a component of the State’s economic development policy by transforming downtown neighborhoods into vibrant centers of activity that oer a high quality of life and attract businesses, jobs and economic and housing diversity. Like past DRI rounds, each selected community will develop a strategic plan through a bottom-up, community-based planning process that articulates a vision for the revitalization of its downtown and identifies a list of signature projects that have transformative potential and leverage further private and public investments. The Department of State will then award DRI funds to selected projects with the greatest potential to jumpstart revitalization and realize the community’s vision.
“I’m very grateful to Gov. Kathy Hochul for coming to Cohoes and personally delivering her message of confidence in our exonomic development plans,” said Cohoes City Mayor William Keeler. “The $10 million in state funding from the DRI will be transformative for our historic downtown. The funding will allow us to rehabilitate and re-purpose long vacant buildings, add new housing units as well as retail storefronts. Increasing populartion downtown will grow Cohoes in a smart way, adding vibrancy to the beating heart of our city.”