Governor Kathy Hochul today announced the final Mid-Hudson Momentum Fund awards, providing $22 million in additional assistance to three developments - SoLo, Liberty Street Apartments and the Haverstraw Chair Factory - previously selected through Round 2 of the program. The new investments will help advance nearly 830 homes while supporting transit-oriented development, downtown revitalization and improved access to existing infrastructure and waterfront areas. Consistent with the Governor's Pro-Housing Communities Program, the Fund prioritized municipalities that have expanded their housing supply or demonstrated a commitment to pro-housing principles.

"The Mid-Hudson Momentum Fund has helped communities across the region tackle housing shortages, strengthen critical infrastructure and move ambitious development plans forward," Governor Hochul said. "With these final awards, we are building on that progress and helping deliver thousands of new homes, including nearly 4,000 affordable homes, in communities that have demonstrated their commitment to growing New York's housing supply."

Empire State Development President, CEO and Commissioner Hope Knight said, "These final Mid-Hudson Momentum Fund awards mark the culmination of a multi-year effort to address some of the region's most pressing housing and infrastructure needs. By providing additional resources to three previously selected Round 2 developments, we are helping them move closer to completion while creating new homes, strengthening downtowns and generating lasting economic benefits for their communities."

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "The Mid-Hudson Momentum Fund demonstrates what is possible when New York State invests in communities that are committed to building more housing and planning for sustainable growth. By prioritizing Pro-Housing Communities that are growing or taking steps to show they support expanding housing opportunities, streamlining development, and removing barriers to responsible growth, Governor Hochul is helping turn ambitious local plans into real results. These final awards will help advance hundreds of additional homes in Peekskill, Newburgh and Haverstraw while building on a $150 million investment that has helped unlock more than 11,000 homes across the Mid-Hudson region. Together, these projects are creating stronger, more vibrant communities and helping ensure that more New Yorkers can afford to live and thrive in these wonderful communities."

Mid-Hudson Regional Economic Development Council Co-Chairs Dr. Marsha Gordon and Dr. Kristine Young said, "The Mid-Hudson Momentum Fund has enabled communities throughout the region to advance projects that respond directly to local housing, infrastructure and economic development needs. This additional investment will help three important Round 2 developments continue moving forward, bringing new homes, commercial activity and renewed vitality to Peekskill, Newburgh and Haverstraw. We thank Governor Hochul for her sustained commitment to the Mid-Hudson region and its long-term growth."

With these awards, the Mid-Hudson Momentum Fund has committed approximately $150 million to 26 projects expected to create or unlock more than 11,000 homes, including nearly 4,000 affordable units. Investments have helped communities address infrastructure barriers, advance large-scale residential development and revitalize downtown and waterfront areas throughout the Mid-Hudson region.

Final Mid-Hudson Momentum Fund Awards

• $3.25 Million for the SoLo Project - City of Peekskill, Westchester County: SoLo will create a mixed-use, transit-oriented and mixed-income community with 231 residential units, including 100 affordable homes, along with four commercial spaces totaling 3,876 square feet. Streetscape and infrastructure upgrades along Louisa Street and South Street will strengthen connections between the waterfront and the rest of the city while providing convenient access to the Peekskill Metro-North station.
• $8.75 Million for One Lafayette - City of Newburgh, Orange County: One Lafayette will create a five-story, approximately 200,000-square-foot development featuring 144 affordable residential units, as well as commercial and retail space. The development will also expand off-street parking, bring new residents and businesses to the neighborhood and contribute to the continued economic and cultural revitalization of the surrounding area.
• $10 Million for the Haverstraw Chair Factory Project - Village of Haverstraw, Rockland County: The Haverstraw Chair Factory project will transform a long-underused former industrial complex along the Hudson River into a mixed-income waterfront community with 450 residential units and approximately 13,000 square feet of retail and community space. The approximately $300 million development will reconnect downtown Haverstraw to the waterfront, expand public access and placemaking opportunities, spur economic activity and provide more than 1,000 homes.

About the Mid-Hudson Momentum Fund

Governor Hochul introduced the $150 million Mid-Hudson Momentum Fund in 2023 as part of her broader strategy to increase New York's housing supply, improve affordability and support sustainable regional growth. The initiative targeted mixed-use development and essential infrastructure improvements capable of unlocking new housing opportunities. Awardees were selected based on their alignment with the Mid-Hudson Regional Economic Development Council's strategic plan, demonstrated community support and potential to advance affordable housing and long-term economic development.

The completion of the Mid-Hudson Momentum Fund represents a significant milestone in Governor Hochul's efforts to expand housing opportunities and strengthen communities across the region. Through targeted state investment, the initiative has helped turn locally driven plans into projects capable of delivering thousands of homes, modernizing essential infrastructure, activating underused properties and creating stronger connections between residents, downtowns, transit and waterfronts. Together, these investments have positioned the Mid-Hudson region for continued housing production, economic opportunity and sustainable growth for years to come.

City of Peekskill Mayor Vivian McKenzie said, "Governor Hochul's continued investment in Peekskill is helping us move forward with projects that will create new homes, expand affordability and strengthen the connections between our downtown, waterfront and Metro-North station. The $3.25 million award for SoLo is a significant investment in Peekskill's future, supporting a mixed-income development that will bring 231 new homes, including 100 affordable units, along with important streetscape and infrastructure improvements. We are grateful to Governor Hochul for recognizing the potential of Peekskill and for continuing to partner with our community as we grow and create new opportunities for residents and businesses."

Village of Haverstraw Mayor Michael Kohut said, "Governor Hochul's $10 million investment in the Haverstraw Chair Factory is a tremendous commitment to the future of our village. This project will transform a long-underused industrial property into a vibrant mixed-income waterfront community, creating 450 new homes while bringing retail, community space and greater public access to the Hudson River. Most importantly, this investment will help reconnect our downtown with our waterfront and build on the progress Haverstraw has made in revitalizing our community. We thank Governor Hochul for her partnership and for recognizing the importance of investing in Haverstraw and the future of the Hudson Valley."

City of Newburgh Mayor Torrance Harvey said, "We are grateful to Governor Hochul for continuing to invest in the City of Newburgh and helping us expand housing opportunities for our residents. Increasing our housing supply is critical to building a stronger, more affordable community and supporting the continued revitalization of our neighborhoods. This investment will help ensure Newburgh remains a place where families can live, grow and thrive."

Governor Hochul's Housing Agenda

Governor Hochul is dedicated to addressing New York's housing crisis and making the State more affordable and livable for all New Yorkers. Since FY23, the Governor has worked to increase housing supply to make housing more affordable by launching a $25 billion five-year comprehensive Housing Plan, enacted the most significant housing deal in decades and implemented new protections for renters and homeowners. Under Governor Hochul's leadership, HCR has created new programs that jumpstart development of affordable and mixed-income homes - for both renters and homebuyers. These include the Pro-Housing Community Program, which allows certified localities exclusive access to up to $750 million in discretionary State funding. More than 450 communities throughout the state have been certified Pro-Housing, including the City of Peekskill, the City of Newburgh, and the Village of Haverstraw.

As part of the FY27 Budget, Governor Hochul secured a number of landmark reforms to New York's State Environmental Quality Review Act (SEQRA) to speed up housing and infrastructure development and lower costs as part of her "Let Them Build" agenda. "Let Them Build" also includes executive actions to expedite critical categories of projects that have been consistently found to not have significant environmental impacts, but for too long have been caught up in red tape and subject to lengthy delays.

The FY27 Executive Budget completes the Governor's current five-year Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations plus the electrification of an additional 50,000 homes. More than 87,000 affordable homes have been created or preserved to date. The Executive Budget also invests $250 million in capital funding to accelerate the construction of thousands of new affordable homes.