Gov. Kathy Hochul visited Pace Law School in White Plains and announced details of the Mid-Hudson Momentum Fund, a new $150 million funding initiative to match funding from other sources specifically for mixed-use housing and infrastructure projects throughout the Mid-Hudson Region. Hochul said that the new fund would be controlled by Empire State Development and would increase the housing supply to meet growing demand while also investing in key infrastructure projects in the region.
“As one of the most picturesque and historic areas in New York, the Mid-Hudson region has been a crown jewel for our state that has driven our economy and welcomed new residents and visitors for years,” Hochul said. “The new Mid-Hudson Momentum Fund will help to ensure that the region can continue to serve as a destination for families, workers, businesses, and tourists by helping to address the housing shortage, creating an equitable housing supply, and growing local infrastructure where communities need it most.”
According to state statistics, the Mid-Hudson Region has become a top destination for both tourists and new permanent residents, with more than 33,000 new residents moving to the region over the past two years. Less than 1% of the total housing stock was available on the market last year, according to the state.
The new program will includes projects that have garnered community support, will result in increased affordable housing, are financially sound, and can begin quickly. Applicants eligible to receive funds through the program include: not-for-profits; municipalities; public benefit corporations; industrial development agencies; and for-profit companies. Funds can be used for: construction, expansion, and rehabilitation of facilities; purchasing equipment and machinery; developing sites and infrastructure; and design and engineering related to construction.
The funding will be broken up equally into mixed-use housing projects and essential infrastructure projects with awards ranging from $2 to $10 million. A 50% match will be required for all projects.
While at Pace, Hochul handed an oversize presentation check to representatives of Port Jervis, representing the $10 million in funding it’s getting n a winner in the state’s Downtown Revitalization Initiative. Representatives of Sleepy Hollow and the Town of Cornwall also accepted presentation checks for $4.5 million each in funds from the NY Forward program.
