Mid-Hudson region leverages $627M for housing development after renewed state support

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New York Gov. Kathy Hochul has announced more than $60 million in awards to promote housing development through the Mid-Hudson Momentum Fund.

This announcement marks the second round of awards for the fund, a $150 million initiative launched by New York State in 2023 to address housing shortages and infrastructure needs in the Mid-Hudson region.

The funding is designed to attract and leverage additional investments from private and public partners. By combining state funds with substantial private and local investments, the initiative is expected to leverage $627 million to accelerate future development in Orange, Rockland, Sullivan, Ulster and Westchester counties.

The region has seen a major influx of residents in recent years. Officials reported a 33,000 increase in population in the two years leading up to the establishment of the fund. Officials say regional housing stock availability dropped to less than 1% in 2022.

In response to the Mid-Hudson region’s declining housing availability and aging infrastructure, the Mid-Hudson Regional Economic Development Council (MHREDC) crafted a strategic plan to address these challenges. The plan emphasizes the development of projects that have strong community backing, increase affordable housing options, attract investments beyond state funding, demonstrate financial viability and get shovels into the ground quickly.

The 10 projects selected for funding are expected to create more than 8,000 new housing units, including more than 2,000 affordable homes.

The awarded projects include:

• $10 million for the Kiryas Joel Water Treatment Facility Implementation Project (Orange County).
• $10 million for infrastructure improvements in the town of Ramapo (Rockland County).
• $10 million for infrastructure development at Westchester Crossing (Westchester County).
• $7.5 million for mixed-use development in Bridgewater North at Ludlow Station (Westchester County).
• $5 million for a downtown revitalization effort at QWest (Westchester County).
• $5 million for a mixed-use development, Stella Phase II (Westchester County).
• $4.2 million for the Shaw Building Redevelopment (Orange County).
• $3.75 million for The Abbey on Park, a mixed-income housing development (Westchester County).
• $2.5 million for Monticello Manor Lofts (Sullivan County).
• $2.5 million for the conversion of Quality Inn into affordable housing units and commercial spaces (Ulster County).

In these two rounds, the Mid-Hudson Momentum Fund has allocated more than $127 million for housing projects, allowing for the development of more than 10,600 housing units, including more than 3,400 affordable units.

Although funding is still available, a date has not yet been announced for the third round of funding.

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