Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
Mid-Hudson Region Scores Big with State Funds For Downtown Revitalization, Infrastructure Projects
WHITE PLAINS—New York Gov. Kathy Hochul traveled from Albany to the Pace University Elisabeth Haub School of Law here on Feb. 21 to announce a host of funding awards to communities in the Mid-Hudson Region to finance downtown revitalization campaigns and infrastructure projects.
Gov. Hochul announced that the City of Port Jervis will receive $10 million in funding as the Mid-Hudson Region winner of the sixth round of the Downtown Revitalization Initiative. For DRI Round 6, each of the state’s 10 economic development regions are being awarded $10 million, to make for a total state commitment of $100 million in funding and investments to help communities boost their economies by transforming downtowns into vibrant neighborhoods.
The governor also reported at the event held at Pace University’s White Plains campus that the Village of Sleepy Hollow and the Town of Cornwall and the Village of Cornwall-on-Hudson, will each receive $4.5 million in funding as the two Mid-Hudson Region winners of the first round of NY Forward.
“Our Downtown Revitalization Initiative is helping communities across New York reinvigorate their downtowns, jumpstart their economies, and attract the businesses and jobs that allow residents to thrive,” Gov. Hochul said. “With this award, the City of Port Jervis will begin a new chapter toward revitalizing its downtown and growing its local economy as a scenic destination for community members and visitors alike.”
Port Jervis, located on the banks of the Delaware and Neversink rivers at the juncture of New York, New Jersey and Pennsylvania, has seen recent local private investments over the past several years that are helping to create momentum for downtown revitalization. Port Jervis’s vision for revitalization is to combine its historic charm with modern technologies and methods that support climate sustainability, business opportunities and residents, while promoting its outdoor activities along the wild, scenic Delaware River and mountainsides. The village seeks to realize its vision by enhancing downtown attractions, adding housing in new and existing buildings, creating safer streets, enhancing multi-modal transportation options and connectivity and improving energy efficiency throughout the community, state officials noted.
Sleepy Hollow has recently experienced reinvestment from major institutions and businesses, including regional health centers and Regeneron Pharmaceuticals, as well as substantial private investment to create residential units for nearly 3,000 new residents. To successfully seize the opportunity offered by these investments, state officials related that Sleepy Hollow is seeking to create more attractive and safer streets with unique placemaking components, redevelop vacant and underutilized lots and add housing at multiple price points.
Cornwall has recently seen an influx of visitors in recent years partially due to these nearby assets. The town and village have been planning for and investing in revitalization that would make these downtowns into a unique destination in an area full of attractions while continuing to improve the quality of life for residents of this community. To further this progress, the Town of Cornwall and the Village of Cornwall-on Hudson seek to connect their two downtowns, enhance placemaking and public spaces and revitalize underutilized buildings and sites throughout the neighborhood.
The governor also announced the creation of a $150-million Mid-Hudson Momentum Fund, which is targeted at financing mixed-use housing and infrastructure projects throughout the Mid-Hudson Region.
Private companies, not-for-profits, municipalities, and public benefit corporations including IDAs and LDCs are eligible to apply and the funding will be broken up equally into mixed-use housing projects and essential infrastructure projects with awards ranging from $2 million to $10 million. A 50% match will be required for all projects. Detailed information will be available on the ESD website and interested parties may sign up to be notified when the fund is open and accepting applications at: ESD.ny.gov/momentum.
She later highlighted a number of specific sectors that will receive funding from her proposed budget, including
• $3.6 billion in School Aid for the Mid-Hudson Valley Region
• A $250 million housing infrastructure fund and $20 million for planning assistance
$240 million in DOT capital projects, including: $51 million for bridge repair/replacement; $45 million for the Wurts Street Bridge project in Kingston; $30 million for new Route 17 interchange ramps; $60 million for improvements at Bear Mountain State Park; $14.8 million for improvements at Bellayre Mountain and $1.5 million for Neighborhood and Rural Preservation housing funding.
The governor also stated that a host of community colleges will receive state funding for their respective capital project: Ulster County CC, $5.1 million; Dutchess County CC, $2.3 million; Orange County, CC, $1 million; Sullivan County CC, $625,000 and Westchester CC, $2.9 million.
In reaction to the Port Jervis award, the $30 million earmarked for Route 17 improvements and other project awards, Orange County Executive Steve Neuhaus said, “I congratulate the communities of Port Jervis and Cornwall/Cornwall-on-Hudson for this well-deserved infusion of state grant funds. At the same time, New York State is long overdue in making good on its investment into the 17-Forward-86 improvements. The state must continue to provide funding for this important project as Orange County’s economic development continues to grow and attract businesses and visitors alike to this corridor.”
“It has been my privilege to serve on the Mid-Hudson Regional Economic Development Council since its inception and I am honored to have played a role in securing transformational investment for Orange County,” said Maureen Halahan, President and CEO of the Orange County Partnership.