NY State Launches $150-Million Momentum Fund for Housing and Infrastructure Projects in Mid-Hudson Region
Real Estate In-Depth | May 18, 2023
ALBANY—New York Gov. Kathy Hochul announced on May 17 the opening of the $150-million Mid-Hudson Momentum Fund grant application process for mixed-use housing and infrastructure projects throughout the Mid-Hudson Region.
The initiative will help communities meet growing infrastructure needs in light of the recent, region-wide population increase brought on by the pandemic, state officials said. The fund, implemented by Empire State Development, represents a major commitment to increase the housing supply to meet growing demand and invest in key infrastructure projects in the region. The governor previously announced the Mid-Hudson Momentum Fund in February.
“With its rich history, natural beauty, and cultural treasures, the Mid-Hudson region has long been a crown jewel for our state that has welcomed new residents and visitors for years,” Gov. Hochul said. “As the region continues to see an increase in population and visitors alike, the Mid-Hudson Momentum Fund will help communities address critical needs such as affordable and equitable housing and growing local infrastructure to make sure this region can continue to serve as a destination for families, workers, businesses and tourists.”
Empire State Development President, CEO and Commissioner Hope Knight added, “It is imperative that we strategically address the growing demand for housing and infrastructure improvements throughout the Mid-Hudson Region. With informed input from our Mid-Hudson Regional Economic Development Council, this program will help to address and accommodate the surge of interest in this amazing area and help to sustain the region’s growth well into the future.”
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 alone. With regional housing stock availability of less than 1% last year, there is a pressing need for new development to support the influx of residents. The Mid-Hudson Momentum Fund will support mixed-use housing and infrastructure projects that will have lasting impacts in the region and that are consistent with the strategic goals and priorities of the Mid-Hudson Regional Economic Development Council’s strategic plan. This includes projects that have garnered community support, will result in increased affordable housing, leverage non-state investment, are financially sound, and can begin quickly.
A total of $150 million will be available for specific projects over a period of five years and will be split evenly between mixed-use housing projects and infrastructure projects. Awards will range from $2.5 million to $10 million per project and a minimum match of 50% will be required from non-state funding sources. Funds can be used for construction, expansion, and the rehabilitation of facilities, equipment and machinery, infrastructure and site development, and design and engineering related to construction. Eligible applicants include not-for-profits, municipalities, public benefit corporations including IDAs and LDCs and for-profit companies.
Mid-Hudson Regional Economic Development Council Co-Chairs Dr. Marsha Gordon, President & CEO of The Business Council of Westchester and Dr. Kristine Young, president of SUNY Orange said, “Since the pandemic, we have welcomed thousands of new residents to our region which has exacerbated the demand for housing and upgrades to the existing local infrastructure. The Mid-Hudson Momentum Fund will help address these needs and we look forward to ensuring approved projects are consistent with the goals and priorities of the region.”
Submissions are due to ESD by July 28, 2023 at 4 p.m. to be reviewed by the Mid-Hudson Regional Economic Development Council shortly thereafter. Applications that are received after July 28, 2023 will be reviewed by the Mid-Hudson Regional Economic Development Council on a quarterly basis. Learn more about the Mid-Hudson Momentum Fund at https://esd.ny.gov/momentum