Complements the New York Housing Compact - Governor's Proposal to Address New York's Housing Crisis and Build 800,000 Units in the Next Decade
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Governor Kathy Hochul today announced details of the Mid-Hudson Momentum Fund, a $150 million funding initiative specifically for mixed-use housing and infrastructure projects throughout the Mid-Hudson Region, to help communities meet growing infrastructure needs in light of the recent, region-wide population increase brought on by the pandemic. Together, the Governor's budget proposals and the new Fund, to be implemented by Empire State Development, represent major commitments to the Mid-Hudson region that will increase the housing supply to meet growing demand and invest 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," Governor 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."
Empire State Development President, CEO and Commissioner Hope Knight said, "With the implementation of Governor Hochul's Mid-Hudson Momentum Fund, residents, employees and tourists will have more choices for where they choose to live, work and visit. The Fund will incentivize the development of much needed, mixed-use and infrastructure projects, improving the overall quality of life in the region."
Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "The Mid-Hudson Momentum Fund will provide targeted housing and infrastructure relief to a region that has experienced a significant post-pandemic population influx. This $150 million commitment by the State will increase the supply of much needed mixed-use housing and invest in infrastructure throughout the Hudson Valley, improving long-term affordability and quality of life for Mid-Hudson residents. Initiatives like the Mid-Hudson Momentum fund will work in conjunction with the Governor’s Housing Compact to address New York’s once-in-a-generation housing crisis and create the homes that New York needs."
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 being at less than one percent last year, there is a pressing need for new development to support the influx of residents. The $150 million Mid-Hudson Momentum Fund will focus on mixed-use housing and essential infrastructure projects that directly support housing supply growth in the Mid-Hudson Region. Private companies, not-for-profits, municipalities, and public benefit corporations including IDAs and LDCs are eligible to apply and 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 percent match will be required for all projects. Detailed information will be available on the ESD website and interested parties may sign up to be notified when the fund is open and accepting applications at: ESD.ny.gov/momentum.
The Mid-Hudson Momentum Fund complements the Governor's statewide strategy, recently announced in her 2023 State of the State, to address New York's historic housing crisis by building 800,000 new homes over the next decade. The New York Housing Compact, a comprehensive, multi-pronged strategy, includes local participation requirements and incentives to achieve housing growth in every community so that every part of the State is a partner in solving this urgent crisis. The plan will also require municipalities with MTA rail stations to locally rezone for higher-density residential development.
About Empire State Development
Empire State Development (ESD) is New York's chief economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing the Regional Economic Development Councils and the marketing of "I LOVE NY," the State's iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.