Overview
The Vacant Rental Improvement Program (“V-RIP”) is a grant program funded by the State of New York and administered by the Housing Trust Fund Corporation’s (HTFC) Office of Community Renewal (OCR), to support repairs and rehabilitation of vacant rental units and other vacant spaces to increase the supply of critically needed apartments for low- and moderate-income renters outside of New York City. The program aims to help owners of rental properties bring vacant units and spaces in small-scale properties back into productive use to create safe, quality, and affordable long-term rental units.
Eligible Applicants
Organizations incorporated under the New York State Not-For-Profit Corporation Law that have been providing relevant services to the community for at least one year prior to application. Partnerships between municipalities and not-for-profit organizations are encouraged to bolster administrative capacity. HCR may accept applications from municipalities with justification related to experience and administrative capacity.
Eligible Areas
All areas of the State outside of New York City are eligible.
Eligible Participants
An eligible participant must meet the following criteria:
- Ownership: must be the legal owner of one of the following:
- 1-5 unit residential property
- Mixed-use building with up to five (5) housing units
- Other building that will be converted to one of the above
- Compliance Period: A 10-year Regulatory Period will be required during which the owner must be willing to execute an agreement and rental covenant on assisted units that will subject units to rent limits and other requirements.
Eligible Activities
Funding may be used to improve and rehabilitate vacant housing units and other vacant spaces, including 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.
Funding Round Materials
V-RIP Frequently Asked Questions
V-RIP Application Training Webinar Part I slides
2024 V-RIP Application Training Webinar Part II Slides
2024 New York Vacant Rental Improvement Program (V-RIP) Application Training
2024 V-RIP Application Training Webinar Part I
This presentation will provide an overview of the Vacant Rental Improvement Program, eligible activities, application process, key grant agreement terms, and strategies for a successful application. All potential applicants should participate.
V-RIP Application Training Webinar Part I slides
2024 V-RIP Application Training Webinar Part II
This presentation will provide a more detailed discussion of the V-RIP program and application process. We will review tips for completing a competitive application and provide an opportunity for application technical assistance questions. All applicants submitting an application should participate.
2024 V-RIP Application Training Webinar Part II Slides