A program has been launched in New Rochelle designed to help businesses that are hurting and residents whose income has been substantially reduced by the COVID-19 pandemic. Rebound New Rochelle is the result of a partnership involving the city, the New Rochelle Chamber of Commerce, New Rochelle Business Improvement District, the Business Council of Westchester and the private sector including developer RXR Realty.
A pool of more than $1.8 million has been created from federal Community Development Block Grant funds as well as private sector funding. Qualifying New Rochelle small businesses can apply for grants of $5,000, $10,000 or more designed to help them cope with the changes brought about by the pandemic.
New Rochelle residents in rental properties whose income has been substantially reduced can apply for temporary rental assistance from the city”™s Tenant Based Rental Assistance Program, which is funded by the federal government”™s HOME Program. Households currently receiving another federal housing subsidy, such as Section 8 funds, are ineligible.
Businesses have to demonstrate a financial need, be willing to share financials, be in good standing with the city and have a physical location in New Rochelle. There is a preliminary screening, which will determine whether the business can complete a full application in order to be considered for funding.
Businesses can use the grants for rent, staffing, working capital or other critical needs. Additionally, business guidance and help in managing the funds efficiently will be available through the RXR Realty Volunteer Portal and through The Acceleration Project.
“As the public health crisis begins to subside, a crippling economic crisis is on the rise,” said Scott Rechler, chairman and CEO of RXR Realty, which has been designated as the master developer for New Rochelle”™s downtown. “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.”
New Rochelle”™s Mayor Noam Bramson said, “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. The Rebound program reflects New Rochelle’s strong commitment to inclusive, equitable prosperity from which all of us can benefit.”
Rob Hayes, who is the owner of The Beechmont Tavern on North Avenue in New Rochelle that was among the businesses forced to close and then reopen with operating restrictions, serves as president of the New Rochelle Chamber of Commerce.
“As a business owner, I know New Rochelle”™s small businesses are suffering economic distress on two fronts: first being closed during these past months of the pandemic and second facing the added expenses of PPE”™s (personal protective equipment) and other required safety equipment just to reopen at reduced capacities,” Hayes said. “Rebound New Rochelle is a much needed and innovative example of a public-private partnership working together to help businesses survive.”
Paying rent seems like a big waste of Federal money that could be used to lower property taxes fro struggling homeowners.