The City of New Rochelle recently announced the Rebound New Rochelle program, a partnership with the city’s Chamber of Commerce, Business Improvement District, The Business Council of Westchester, and the private sector to aid local businesses and residents impacted by the pandemic, and help them find success as they navigate the new economic climate.
The program has received funding up to $1.8 million through donations from the private sector, including developer RXR Realty, as well as federal grant dollars received through the U.S. Department of Housing and Urban development (HUD).
“As the public health crisis begins to subside, a crippling economic crisis is on the rise,” says Chairman and CEO of RXR Scott Rechler. “Until there is a vaccine, we must find ways to co-exist with the coronavirus while moving forward thoughtfully and safely, particularly for our small businesses, the backbone of New Rochelle’s economy.”
Businesses interested in receiving a grant can apply through the city’s new online portal where their applications will be evaluated by a newly appointed selection committee comprising city and business community members. Funds will be distributed accordingly that can be used for business expenses such as rent, staffing, working capital, and other critical needs.
Businesses and microenterprises interested in the program must be willing to share financials, demonstrate financial need, be in good standing with the city, and have a physical location in New Rochelle to qualify for aid. The City of New Rochelle is also in the midst of selecting a Minority Business Liaison to provide resources to enable success for minority business owners who may have been left out of federal CARE programs.
“By providing meaningful assistance to businesses and individuals, we can accelerate our local recovery and position our entire city for success in a post-COVID environment,” says New Rochelle Mayor Noam Bramson. “The Rebound program reflects New Rochelle’s strong commitment to inclusive, equitable prosperity from which all of us can benefit.”
Tenant Based Rental Assistance (TBRA) will also be provided by Rebound New Rochelle for families who have been heavily impacted by the COVID-19 outbreak. The provided assistance includes temporary rental assistance to those with household incomes, prior to the pandemic, of less than 50% of the Area Median Income (as determined by HUD and adjusted for family size) who have been laid off or furloughed from their job, and currently unable to pay their rent due to the ongoing public health crisis. Households can apply through the Rebound New Rochelle portal.
“We understand the significant financial challenges businesses and residents are facing, and our City has responded with strength and solidarity in creative collaborations to help the business community and our residents recover,” says City of New Rochelle Commissioner of Development Luiz Aragon. “We created Rebound New Rochelle to extend a critical lifeline to help our community rebound and succeed, and we are sincerely grateful to all of our private partners who continue to step up at such a critical time.”