Photo: Governor Hochul Seal
May 29, 2024

Governor Hochul Announces First Awards Under Mid-Hudson Momentum Fund to Unlock Housing Potential and Build More Than 2,400 Homes in New York's Mid-Hudson Region

Governor Hochul Announces First Awards Under Mid-Hudson Momentum Fund to Unlock Housing Potential and Build More Than 2,400 Homes in New York's Mid-Hudson Region
$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.

Projects are listed below:

  • $10 million for the Golden Hill project to transform the former Ulster County jail into a new mixed-income and mixed-use community with 164 units of affordable housing in the City of Kingston
  • $10 million for essential infrastructure improvements required to accommodate up to 1,080 new homes in the City of Peekskill
  • $10 million for the construction and operation of a new Indian Brook Water Treatment Plant to ensure high-quality drinking water for approximately 300 homes in the Village of Ossining
  • $8.7 million for the 115 South Macquesten transit-oriented development project to construct two residential towers on a shared mixed-use base with approximately 315 units of housing in the City of Mount Vernon
  • $5 million for the 316 Main Street project to construct a six-story, mixed-income building with 80 units of housing and more than 21,000 square-feet of commercial space in the City of Poughkeepsie
  • $4.75 million for the Barrel Factory Apartments project to construct a 100-unit mixed-use, mixed-income development in the City of Kingston
  • $3.465 million for the Red Hook Gateway project to extend water, roads, utilities and public infrastructure for up to 40 potential new units of housing in the Village of Red Hook
  • $3.05 million for the 104 Washington Street project to construct a 14-unit, mixed-use building with an ice cream manufacturing facility, street level suites for retail and food and beverage, and co-working office space in the City of Newburgh
  • $2.6 million for the 191 Washington Street project to repurpose a vacant building into 70 units of housing, commercial, retail, office, and light manufacturing space in the City of Newburgh
  • $2.5 million for the Two Cross Street project to construct a fully affordable, 18-unit mixed-use building in the City of Beacon
  • $2.5 million for The Green transit-oriented development project to construct an innovative, mixed-use affordable housing development with 118 apartments in the City of Newburgh
  • $2.5 million for the 63 Maple Avenue project to construct a five-story residential building with approximately 78 homes in the Village of Haverstraw
  • $2 million for the Newberry project to construct a 28-unit, mixed-use development on the site of a long-vacant, blighted building in the City of Poughkeepsie

The second funding round is now open through June 28 and private companies, not-for-profits, municipalities, and public benefit corporations including IDAs and LDCs are encouraged to apply through Empire State Development’s CFA portal. Funding will be broken up into mixed-use housing projects and essential infrastructure projects with awards ranging from $2 to $10 million. For more information, visit ESD’s website.

These awards also mark the first to prioritize localities committed to housing growth under Governor Hochul’s Pro-Housing Communities program, launched last year as part of a package of Executive Actions to increase New York’s housing supply. Under the program, localities that have successfully unlocked housing growth or committed to taking important steps to support housing, such as by streamlining permitting and adopting pro-housing policies, and that have applied and submitted critical housing and zoning data to the state, will receive a certification from New York State Homes and Community Renewal that will give them priority consideration among municipal applicants for up to $650 million in state discretionary funding, including the Mid-Hudson Momentum Fund. Last week, Governor announced that more than 200 communities have launched applications to become Pro-Housing Communities. Nine of the 13 winning projects from this funding round are located within a certified Pro-Housing Community.

As part of the FY 2025 Budget, Governor Hochul secured an agreement to strengthen the Pro-Housing Communities Program by making certification a requirement for state discretionary funds, including future funding rounds for the Mid-Hudson Momentum Fund.

Governor Hochul’s Housing Agenda

The Mid-Hudson Momentum Fund builds on Governor Hochul’s commitment to increasing the housing supply across New York State. As part of the FY 2025 Budget, the Governor secured a transformative package of programs and initiatives to address the state’s housing crisis, including incentives to create affordable housing statewide; tools for New York City to generate more housing; the creation of a $500 million fund to build up to 15,000 new homes on state land; and authority to strengthen the state’s Pro-Housing Communities Program. The Budget also includes historic protections for tenants and homeowners, including anti-price-gouging measures and eviction protections for renters and new enforcement and preventative measures to combat deed theft, as well as more than $600 million in capital funding to support housing statewide.