New York State's Downtown Revitalization Initiative (DRI) promotes vibrant downtown centers that offer a high quality of life and are magnets for redevelopment, business, job creation, and economic and housing diversity. The DRI is led by the New York State Department of State, in close partnership with Empire State Development, NYS Homes and Community Renewal and New York State Energy Research and Development Authority. Communities are selected annually by their respective Regional Economic Development Council (REDC) through a competitive application process. Previous winners for the Mohawk Valley Region are Oneonta, Rome, Amsterdam, Utica, Gloversville, Clinton - Kirkland, and Herkimer.

The Village of Schoharie was named the Round 8 DRI winner for the Mohawk Valley in March 2025. The Village is receiving $10 million to develop and implement a Strategic Investment Plan for the DRI Area. An LPC with community representatives will lead the development of the Plan, supported by state agencies and a consultant team. The Schoharie DRI Strategic Investment Plan will examine local assets and opportunities, articulate a community vision for revitalization, and identify a list of signature projects that have the potential to transform the downtown. It will be developed through a community-led planning process over several months, with regular opportunities for public input. The community will be invited to submit their project proposals through an Open Call for Projects (further information forthcoming). Following an in-depth review process, the LPC will select a slate of recommended projects to include in the final Plan. The NYS Department of State will evaluate the projects outlined in the Plan and then choose which projects will receive DRI funding.