Distressed Property Fund

Using funding allocated from the Federal American Rescue Plan Act (ARPA), the City of Syracuse has created an investment program designed to support the redevelopment and improvement of vacant, distressed commercial, mixed-use, and historic properties located within eligible census tracts within the City of Syracuse. The City of Syracuse sees this as integral to the ongoing recovery from the Covid-19 pandemic, reactivation of commercial uses, and foster new growth.

Please see information and instructions on how to apply below: Frequently Asked Questions(PDF, 121KB)

Qualifying expenses and purchases may include but are not limited to activities relating to building stabilization, structural repairs, infrastructure, and interior/exterior improvements in order to facilitate successful redevelopment of a property and return it to productive use. 

Projects that involve new construction and development are not eligible.

Projects should identify the name of the design and construction professionals they will be working with as part of the application process. Funds cannot be used for acquisition of a building or property. This program cannot reimburse previous expenses dated after March 16, 2023. 

All eligible expenses assisted by this program must be expended after the program launch date.

Eligible applicants include those who own or are under contract to purchase an existing property in the City of Syracuse that is classified with a commercial use – this may include mixed-use buildings that contain residential apartments. Eligible properties must be

• One hundred percent vacant as of February 1st, 2023.
• Both for-profit and nonprofit / 501c3 or c4 organizations are eligible to apply.
• All real estate and capital upgrades may only include properties located within a qualified ARPA census tract (see map here(PDF, 104KB)).
• Finally, all projects considered must have a minimum estimated total development cost of at least $10 Million ($10,000,000.00).

Note: On Eligibility

Under limited circumstances, a project with a total development cost less than $10 Million may be considered eligible but will only be considered if the property is A) are currently listed on the Federal National Register of Historic Places, and/or B) under contract to be purchased from the Greater Syracuse Land Bank or the City of Syracuse. Properties under contract with the City of Syracuse will still be considered eligible if they are not one hundred percent vacant. Please note the total development cost does not include acquisition of a property.