$67 Million in Round I Funding Will Support 13 Local Projects To Build New Housing, Jumpstart Transit-Oriented Development, and Upgrade Local Infrastructure To Accommodate Future Housing Growth
Awards Include First to Prioritize Localities Committed to Housing Growth Under Governor’s Pro-Housing Communities Program
Builds on Governor's Statewide Strategy to Address New York's Housing Crisis – Including a Landmark Agreement to Increase the Housing Supply as Part of the FY 2025 Budget
Next Funding Round Now Open – Applicants Are Encouraged to Apply Here by June 28
Governor Kathy Hochul today unveiled the first awards under the Mid-Hudson Momentum Fund, a $150 million initiative first announced by Governor Hochul last year to increase the housing supply in New York’s Mid-Hudson region. The winning projects include vibrant mixed-use developments, transit-oriented developments along major commuting hubs, and critical infrastructure improvements that will allow for additional housing in the future. Together, these projects will receive approximately $67 million in state funding to unlock more than $576 million in private investment and more than 2,400 units of housing, including more than 1,300 affordable units, across the Mid-Hudson region.
“Communities all over the Mid-Hudson region are stepping up in extraordinary ways to address the housing crisis, and with these awards, New York is making good on our commitment to supporting them,” Governor Hochul said. “As the first state program to reward our Pro-Housing Communities, the Mid-Hudson Momentum Fund is not just helping them build more housing – it’s helping them chart a path toward a more affordable New York. My administration remains laser-focused on building the homes we need to bring down housing costs, and I am ready to work with any community that wants to join us.”
Empire State Development President, CEO and Commissioner Hope Knight said, "With the first round of awards from the Mid-Hudson Momentum Fund, families will soon have more choices for where they choose to live. Under Governor Hochul’s leadership, we are developing much needed, mixed-use and infrastructure projects and improving the overall quality of life in the region."
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “New York is truly becoming known as the nation's Pro-Housing state. These projects will benefit communities and thousands of their residents in so many ways – from new construction of hundreds of new homes and funding essential infrastructure improvements to transforming a former jail into modern apartments. I am honored to be part of an Administration that is dedicated to care and compassion in seeking to improve the lives and choices of every one of the State’s residents.”
Dutchess County Executive Sue Serino said, “Governor Hochul’s strategic investment of $150 million to address the increasing demand for housing and infrastructure will pay dividends in our region for decades. Housing and infrastructure are essential components to retain and attract residents young and old and to support and grow our business community.”
Governor Hochul announced the $150 million Mid-Hudson Momentum Fund last year as part of a statewide commitment to increasing New York’s housing supply, addressing the housing crisis, and reducing housing costs for New Yorkers. The Fund is focused on mixed-use housing and essential infrastructure projects that directly support housing growth in the Mid-Hudson Region. Winning projects were selected based on alignment with the Mid-Hudson Regional Economic Development Council’s strategic plan, public support, the number of affordable housing units being created and, for infrastructure projects, their ability to either create or upgrade systems with a demonstrated connection to increasing housing density.