Governor Hochul Announces Southern Tier Winners of Downtown Revitalization Initiative and NY Forward Program

Governor Kathy Hochul today announced that the City of Ithaca will receive $10 million in funding as the Southern Tier winner of the ninth round of the Downtown Revitalization Initiative (DRI), and the Village of Stamford and Village of Margaretville will each receive $4.5 million as the Southern Tier winners of the fourth round of NY Forward. For Round 9 of the DRI and Round 4 of the NY Forward Program, each of the State's 10 economic development regions is being awarded $10 million from each program, for a total State commitment of $200 million in funding and investments to help communities boost their economies by transforming downtowns into vibrant neighborhoods. To date, total investments in the DRI and NY Forward have reached $1.4 billion.

"Building the foundation and delivering for generations of New Yorkers requires taking actionable measures," Governor Hochul said. "The Downtown Revitalization Initiative and New York Forward programs bring the brightest ideas to life, and the Southern Tier will thrive with these investments in Ithaca, Stamford and Margaretville to increase recreational opportunities and further generate economic growth for their communities."

To receive funding from either the DRI or NY Forward program, localities must be certified under Governor Hochul's Pro-Housing Communities Program, which recognizes and rewards municipalities actively working to unlock their housing potential and encourages others to follow suit. After becoming certified, localities have exclusive access to up to $750 million in State funding, including DRI and NY Forward. Since the launch of the Pro-Housing Communities Program, funds awarded to Pro-Housing Communities throughout the state have supported up to 20,000 more homes. To date, more than 400 communities across New York have been certified.

Many of the projects funded through the DRI and NY Forward support Governor Hochul's affordability agenda. The DRI has invested in the creation of more than 5,000 units of housing - more than 2,000 of which (40 percent) are affordable or workforce housing. The programs committed $9 million to 12 projects that provide affordable or free child care and child care worker training. The DRI and NY Forward have also invested in the creation of public parks, public art - such as murals and sculptures - and art, music and cultural venues that provide free outdoor recreation and entertainment opportunities.

$10 Million Downtown Revitalization Initiative Award for the City of Ithaca

Ithaca's downtown is the heart of the city, where creativity, diversity and opportunity converge to shape a dynamic future for both the city and the region. Anchored by one of the nation's earliest pedestrian malls, the Ithaca Commons, and extending along the West State/MLK Jr. Street Corridor, the DRI area reflects both the city's rich cultural legacy and its untapped potential for inclusive growth. Ithaca will unite these currently disjointed areas into a continuous, welcoming district that encourages exploration and strengthens community connections. Strategic investments will transform underutilized spaces into affordable housing, thriving small businesses and inviting public amenities that serve residents, college students and visitors alike.

This effort builds on more than $400 million in recent public and private investment while addressing pressing needs for housing, retail revitalization and multimodal connectivity. As the economic engine of Tompkins County and a regional employment hub drawing thousands of daily commuters, Ithaca's prosperity directly supports the strength of the broader Southern Tier. Guided by principles of equity, sustainability and collaboration, the city is committed to shaping a downtown that reflects its unique identity while fostering long-term resilience. Through the DRI, Ithaca will cultivate a cohesive, arts-driven urban center that fuels innovation, supports local entrepreneurship and secures economic vitality for generations to come.

$4.5 Million NY Forward Award for the Village of Stamford

Nestled in the heart of the Catskill Mountains at the headwaters of the Delaware River, the Village of Stamford is reclaiming its identity as the "Queen of the Catskills" through a bold vision for a vibrant and resilient downtown. The compact target area, centered along NYS Route 23 and anchored by civic, cultural and recreational attractions, represents the social and economic heart of the community. Strategic investments will restore underutilized properties, support small business growth and create inviting public spaces that celebrate Stamford's heritage and natural beauty. Building on more than $10 million in recent public, private and philanthropic investments, the Village is well positioned to catalyze visible and lasting transformation. Stamford's strong sense of community, robust partnerships and commitment to sustainability and inclusivity ensure that revitalization efforts reflect the needs of residents while welcoming newcomers and new opportunities. As a regional hub for recreation-based tourism and rural entrepreneurship, the Village's success will strengthen the broader Catskills economy.

$4.5 Million NY Forward Award for the Village of Margaretville

At the crossroads of Routes 28 and 30 on the border of the Catskill Park, the Village of Margaretville sits ready to lead a new era of rural revitalization. Its historic Main Street and riverfront green spaces form a compact, walkable downtown that serves as the economic, cultural and civic hub for the area. Building on years of resilience following Hurricane Irene, the Village has invested in flood mitigation, infrastructure upgrades and community facilities that strengthen long-term sustainability. Strategic investments will enhance streetscapes, improve accessibility and support infill housing and adaptive reuse projects that meet growing demand, including entrepreneurs and remote workers.

Anchored by institutions such as Margaretville Hospital, the Margaretville Telephone Company and Margaretville Central School, the local economy blends stable employment with expanding opportunities in health care, broadband, tourism and the creative sector. Guided by principles of sustainability, equity and stewardship of its natural environment, the Village is committed to shaping a downtown that balances tourism growth with the needs of its year-round residents.

The City of Ithaca joins Binghamton, Roxbury, Grand Gorge, Johnson City, Endicott, Hornell, Owego, Watkins Glen, Elmira and Norwich as winners of the DRI for the Southern Tier, while the Village of Margaretville and the Village of Stamford join Bath, Dryden, Groton, Urbana, Hammondsport, Montour Falls and Waverly as NY Forward winners for the Southern Tier.

New York Secretary of State Walter T. Mosley said, "Ithaca, Stamford and Margaretville exemplify the momentum building across the Southern Tier. Through these investments, these communities are well positioned to drive sustained economic growth and shape a strong future for the region. The Department of State is proud to support their continued progress and the opportunities ahead. Congratulations to the Southern Tier's newest awardees, and thank you to Governor Hochul for her ongoing commitment to strengthening communities across New York State."

Empire State Development President, CEO, and Commissioner Hope Knight said, "The Downtown Revitalization Initiative and NY Forward programs are transforming communities across New York State by turning local visions into bold investments, generating place-based economic development. These targeted efforts in Ithaca, Margaretville and Stamford will enable them to create new opportunities for businesses, support vibrant public spaces, and attract residents and visitors alike - laying the foundation for sustainable growth and creating stronger regional economies." 

New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, "Building on Governor Hochul's strong commitment to economic growth, New York State is investing in both community revitalization and long-term sustainability through these initiatives. By integrating energy efficient and clean energy technologies into downtown spaces and main streets in Ithaca, Stamford and Margaretville, we are building more vibrant and resilient communities for generations to come."

New York State Canal Corporation Director Ben Walsh said, "I would like to extend my sincere congratulations to our partners in the City of Ithaca. We look forward to working with our municipal colleagues to continue strengthening Ithaca's connection to the canal corridor, as well as its position as a gateway to the Finger Lakes and the New York State Canal System. This is just the beginning!"

Southern Tier Regional Economic Development Council Co-Chairs Judy McKinney Cherry, Executive Director, Schuyler County Partnership for Economic Development and SUNY Delhi President Mary Bonderoff said, "The STREDC is incredibly proud to continue our support for the communities of Ithaca, Margaretville and Stamford and their exciting futures made possible through the Governor's transformative Downtown Revitalization and New York Forward Initiatives. These targeted plans will benefit both residents and visitors alike, promoting economic growth and creating exciting and vibrant downtowns-places where people will want to live, work, and play for generations to come."

State Senator Lea Webb said, "The City of Ithaca is the heart of Tompkins County, drawing visitors from across the region, state and beyond to enjoy its waterfalls and natural beauty, lively annual festivals, beloved farmer's market, and vibrant downtown. Today's announcement of a $10 million investment is a huge success for our community, which will help the City of Ithaca spur economic growth by revitalizing a historic corridor and enhancing connectivity between the Commons and downtown. This investment will transform underutilized spaces into opportunities by creating housing, supporting small businesses, and increasing accessibility through walkable neighborhoods. I was proud to support Ithaca's application, and I am grateful to Governor Hochul and our Senate Leadership for making this significant investment in the future of Ithaca and our region."

Assemblymember Anna Kelles said, "This investment recognizes what so many of us already know, that strong, vibrant downtowns are the foundation of healthy communities. In Ithaca, Stamford, and Margaretville, this funding will help turn long-held local visions into real, tangible progress, from creating much-needed housing to supporting small businesses and strengthening the public spaces that bring people together. It is also about building truly walkable communities where people can live, work, study, and spend time together in the same place, and where that everyday foot traffic directly supports local businesses. By increasing housing supply, including affordable housing, we can expand access to opportunity and foster more economically and socially diverse communities. When we invest in our downtowns, we are investing in opportunity, connection, and the long-term resilience of our region."

City of Ithaca Mayor Robert Cantelmo said, "Since I was first elected, I have fought tirelessly to promote economic and community development. This $10 million investment in the West Martin Luther King Street corridor will create hundreds of new homes, catalyze new business, and attract hundreds of millions in private investment to truly transform Ithaca. Thank you Governor Hochul for your leadership, commitment, and support at this critical moment and thank you to my colleagues on the Regional Economic Development Council for embracing our vision of Ithaca's future."

Village of Stamford Mayor Robert Schneider said, "We are thrilled that the Village of Stamford has been selected as a winner of this year's NY Forward funding for the Southern Tier. This is an exciting opportunity to build on the momentum we've been creating in our downtown. I want to thank Governor Hochul and Secretary Mosley for recognizing the potential of small, rural communities like ours and for their continued support. With this funding, we look forward to strengthening our downtown, supporting local businesses and creating a more dynamic and welcoming future for all who live, work and visit here."

Village of Margaretville Mayor John Hubbell said, "We are incredibly excited that Margaretville has been selected as a New York Forward community, marking a major milestone for our village and the entire region. This investment recognizes the strength of our small businesses, our rich character, and the tremendous potential of our downtown. I want to thank Governor Hochul, Secretary Mosley, and the Southern Tier Regional Economic Development Council for their commitment to rural communities like ours and for believing in Margaretville's future. With this support, we're ready to build on our momentum and create a more vibrant, resilient downtown for residents and visitors alike."

Ithaca, Stamford and Margaretville will now begin the process of developing a Strategic Investment Plan to revitalize their downtowns. A Local Planning Committee made up of municipal representatives, community leaders and other stakeholders will lead the effort, supported by a team of private sector experts and state planners. The Strategic Investment Plan will guide the investment of DRI and NY Forward grant funds in revitalization projects that are poised for implementation, will advance the community's vision for their downtown, and can leverage and expand upon the state's investment.

The Southern Tier Regional Economic Development Council conducted a thorough and competitive review process of proposals submitted from communities throughout the region and considered all criteria before recommending these communities as nominees.

About the Downtown Revitalization Initiative
The Downtown Revitalization Initiative was created in 2016 to accelerate and expand the revitalization of downtowns and neighborhoods in all ten regions of the state to serve as centers of activity and catalysts for investment. Led by the Department of State with assistance from Empire State Development, Homes and Community Renewal and NYSERDA, the DRI represents an unprecedented and innovative "plan-then-act" strategy that couples strategic planning with immediate implementation and results in compact, walkable downtowns that are a key ingredient to helping New York State rebuild its economy from the effects of the COVID-19 pandemic, as well as to achieving the State's bold climate goals by promoting the use of public transit and reducing dependence on private vehicles. Through nine rounds, the DRI will have awarded a total of $1 billion to 99 communities across every region of the State. The Governor has proposed another $100 million for the program in her 2026-2027 Executive Budget.

About the NY Forward Program
First announced as part of the 2022 Budget, Governor Hochul created the NY Forward program to build on the momentum created by the DRI. The program works in concert with the DRI to accelerate and expand the revitalization of smaller and rural downtowns throughout the State so that all communities can benefit from the State's revitalization efforts, regardless of size, character, needs and challenges.

NY Forward communities are supported by a professional planning consultant and team of State agency experts led by DOS to develop a Strategic Investment Plan that includes a slate of transformative, complementary and readily implementable projects. NY Forward projects are appropriately scaled to the size of each community; projects may include building renovation and redevelopment, new construction or creation of new or improved public spaces and other projects that enhance specific cultural and historical qualities that define and distinguish the small-town charm that defines these municipalities. Through four rounds, the NY Forward program will have awarded a total of $340 million to 77 communities across every region of the State. The Governor has proposed another $100 million for the program in her 2026-2027 Executive Budget.

Contact the Governor's Press Office