Mid-Hudson Momentum Fund

Go to top
Next Section Continue

Objective

The $150 million Mid-Hudson Momentum Fund (MHMF) program invests in mixed-use housing and infrastructure projects throughout the Mid-Hudson Region, specifically to address strain caused by the population increase exacerbated by COVID. The worsening housing shortage and increased demands placed on existing aging infrastructure systems have made it more difficult to accommodate this surge of new residents and, as such, investment is needed to provide opportunities for both new and existing populations within the Mid-Hudson Region. 

Next Section Continue

Overview

The Mid-Hudson Region has become a top destination for both tourists and new permanent residents, with over 33,000 new residents moving to the region over the past two years alone. With regional housing stock availability being at less than 1% last year, there is a pressing need for new development to support the influx of residents. 

 The Program will focus on mixed-use housing and infrastructure projects that will have lasting impacts in the Mid-Hudson 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 1) have garnered community support, 2) will result in increased affordable housing, 3) leverage non-State investment, 4) are financially sound, and 5) can begin quickly. 

Next Section Continue

Funding

  • $150M will be available for specific projects (over period of 5 years) as follows: 
    • $75M will be for Mixed-Use Housing projects 
    • $75M will be for Infrastructure projects 
    • Min award size of $2.5M 
    • Max award size of $10M 
    • Min 50% match required from non-State funding sources 

Mixed-Use Housing and Infrastructure Projects: 

  • Mixed-Use Housing Projects 
    • Projects/Elements that will score better: 
      • Alignment with MHREDC strategy 
      • TOD  and Affordable Housing Projects  
      • Ability to leverage prior NYS investment  
      • Amount of leveraged non-state funding sources, including demonstration that at least 50 percent of non-state funds are utilized 
      • Demonstrated local government and/or community support (if site plan approvals necessary process should be underway) 
      • Housing that will support distressed communities and disadvantaged populations by providing increased access to housing options throughout the region 
      • Financial strength of applicant, and demonstrated ability to complete projects in a timely manner 
      • Shovel ready projects. 
  • Infrastructure Projects
    • Projects/Elements that will score better: 
      • Alignment with MHREDC strategy 
      • Either new system installations or upgrades for water, roads, green renewable technologies (e.g, EV charging stations) or other similar costs.  
      • Must demonstrate a connection to increased housing density and/or TOD projects.   
      • Ability to leverage prior NYS investment  
      • Amount of leveraged non-state funding sources, including demonstration that at least 50 percent of non-state funds are utilized 
      • Demonstrated local government and/or community support (if site plan approvals necessary process should be underway) 
      • Financial strength of applicant, and demonstrated ability to complete projects in a timely manner 
      • Shovel ready projects. 
Next Section Continue

Eligibility

Eligible Applicants – (Both types): 

  • Not-for-profits  
  • Municipalities 
  • Public Benefit Corporations 
  • Including IDA and LDCs 
  • For-profit companies 

Eligible Uses of Funds – (Both types): 

  • Construction, expansion, and rehabilitation of facilities 
  • Equipment/Machinery 
  • Infrastructure and site development 
  • Design/engineering related to construction  

Ineligible Uses of Funds – (Both types): 

  • Residential with no other uses at the project location 
  • Casino or gambling institutions 
  • Legal services 
  • Medical and Nursing services 
  • Retail firms with no other eligible components 
  • Refinancing  
Next Section Continue

How to Apply

  • Applications must be submitted to the ESD Mid-Hudson Regional Office on a rolling basis. 
  • Please review the Mid-Hudson Momentum Fund Guidelines when preparing your application.
  • View the Mid-Hudson Momentum Fund application.
  • Applications will be reviewed and recommended by the Mid-Hudson REDC to ESD based on: 
    • Alignment with the Mid-Hudson REDC strategy of LIVE, WORK & PLAY  
    • Amount of leveraged non-state funding sources 
    • Prior successful experience in related projects   
    • Support of NYS officials/local government and/or community support  
      • If site plan approvals necessary, process must be underway 
    • Financial strength of applicant  
    • Shovel readiness of the project 

Application Deadline:
Applicants will need to submit an application to ESD by July 28, 2023 at 4 PM 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.

Next Section Continue

Contact

To receive Mid-Hudson Momentum Fund program email updates, sign up here.

For questions, contact: [email protected]