ALBANY—The Mid-Hudson Regional Economic Development Council announced on May 17 the opening of the $150-million Mid-Hudson Momentum Fund grant application for mixed-use housing and infrastructure projects throughout the seven-county region of the Mid-Hudson Valley. The state said the initiative will help communities meet growing infrastructure needs in light of the recent, region-wide population shifts brought on by the pandemic.

The fund implemented by Empire State Development represents a major commitment to increase the housing supply and invest in key infrastructure projects in the region, the state said announcing the grant.

Empire State Development President, CEO and Commissioner Hope Knight said, “It is imperative that we strategically address the growing demand for housing and infrastructure improvements.”

The co-chairs of the Mid-Hudson Regional Economic Development Council are Dr. Marsha Gordon, president & CEO of The Business Council of Westchester and Dr. Kristine Young, president of SUNY Orange.

The Mid-Hudson Region has become a top destination for both tourists and new permanent residents, with more than 33,000 new residents moving to the region over the past two years alone. With regional housing stock availability of less than 1% last year, there is a pressing need for new development to support the influx of residents, the state reported. The Mid-Hudson Momentum Fund will support mixed-use housing and infrastructure projects that will have lasting impacts in the 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 have garnered community support, will result in increased affordable housing, leverage non-state investment, are financially sound, and can begin quickly.

Over a five-year period, $150 million will be available for specific projects and will be split evenly between mixed-use housing projects and infrastructure projects.  Awards will range from $2.5 million to $10 million per project and a minimum match of 50% will be required from non-state funding sources.  Funds can be used for construction, expansion and the rehabilitation of facilities, equipment and machinery, infrastructure and site development, and design and engineering related to construction. Eligible applicants include not-for-profits, municipalities, public benefit corporations, including IDAs and LDCs, and for-profit companies.

Submissions are due to ESD by July 28, 2023 at 4 P.M. 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.

About Empire State Development

For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov  and www.esd.ny.gov.