Governor Hochul Highlights Mid-Hudson Regional Investments as Part of FY 2024 Executive Budget

Governor Kathy Hochul today announced details of key proposals from her Fiscal Year 2024 Executive Budget to grow jobs and boost the economy in the Mid-Hudson Region of New York. In line with the 2023 State of the State, the budget includes a major investment to increase housing supply and expand economic opportunity and innovation in the region.

"These significant investments in housing, education, and infrastructure in the Mid-Hudson region are critical to lifting up the local community and economy," Governor Hochul said. "This funding is building on efforts already underway to ensure the region is safe, affordable, and resilient to the challenges of the future -- creating a more prosperous Mid-Hudson region for generations to come."

Several of the budget proposals Governor Hochul announced today are in line with the Economic Innovation Plan announced in the 2023 State of the State to grow jobs and businesses by expanding economic opportunity and innovation across New York State through targeted investments, business support and other programming aimed at high-growth industries. The Governor's budget includes several initiatives to invest in higher education and improve local attractions across the state. For the Mid-Hudson Region, the plan includes:

• $3.6 billion in School Aid for the Mid-Hudson Valley Region
• $451.5 million increase in Foundation Aid
• $337 million plan to reduce gun violence
• $250 million housing infrastructure fund and $20 million for planning assistance
• $240 million in DOT capital projects, including:
  • $51 million for bridge repair/replacement
  • $45 million for Wurts Street Bridge in Kingston
  • $30 million for new Route 17 ramps
• $60 million for Bear Mountain State Park
• $57 million addiction services funding
• $45 million for GO SEMI: Governor's Office of Semiconductor Expansion, Management and Integration, which will support the expansion of the semiconductor manufacturing industry throughout Upstate New York.
  • $27 million for local road repairs
  • $14.8 million for Bellayre Mountain
  • $1.3 million for Veteran Peer-to-Peer Services
  • $1.5 million for Neighborhood and Rural Preservation housing funding

Empire State Development President, CEO and Commissioner Hope Knight said, "The Mid-Hudson Region, home to iconic natural beauty and a hub of top-tier education and innovation, has drawn increasing numbers of visitors and new residents in recent years. Governor Hochul's Executive Budget recognizes the need for strategic investment in added housing, infrastructure and economic opportunities that will support and ensure the region's long-term growth."