By: Conor Eckert, VP of Business Attraction - Orange County Partnership
The Mid-Hudson Momentum Fund will have a significant impact on housing development in Orange County, NY, offering transformative opportunities for both local residents and developers. Locally, projects in the City of Newburgh and other urban areas have seen a boost from this fund.
Oftentimes, these projects have a complicated financial package – using traditional bank financing and mixing in historic tax credits (where appropriate), IDA incentives, and other unique means of financing. The Mid-Hudson Momentum Fund serves as a key means to fortify the financial package, helping projects become more viable. As the Vice President of Business Attraction at the Orange County Partnership, I’ve seen firsthand the effects of funding mechanisms like this one in driving growth and addressing critical challenges such as housing availability and affordability.
More than ever, we have companies asking us about housing availability early in the site selection process. The availability of workforce and labor is a critical item in the industrial sector – companies cannot attract and retain workers without dynamic housing options, ideally situated in walkable communities near retail and commercial amenities.
One of the key priorities of the Mid-Hudson Momentum Fund is to provide strategic investment into areas that align with regional economic development objectives. In Orange County, where job growth continues to surge—especially in industries such as advanced manufacturing, logistics, and even emerging sectors like offshore wind—housing demand is rising accordingly. This fund offers a critical tool to help alleviate the strain on our housing stock by encouraging smart, targeted residential development.
The potential impact of this fund on housing is multifaceted. First, it creates an incentive for developers to consider mixed-use projects that combine residential units with commercial spaces, aligning with our vision of creating vibrant, walkable communities. As we attract more companies to Orange County, the workforce will need access to quality housing that fits a variety of price points. By channeling resources into housing projects, we can ensure that the county offers options ranging from affordable apartments to market-rate homes, catering to both new residents and long-time locals.
In addition to addressing the housing needs of our growing workforce, this fund helps ensure that the county remains an attractive place for young professionals and families. The proximity of Orange County to major metropolitan areas, combined with its natural beauty and suburban charm, has already led to an increase in demand for residential spaces. With the Mid-Hudson Momentum Fund as a tool, we can expand our housing capacity without sacrificing the unique character of our communities.
At the Orange County Partnership, we’re committed to ensuring that economic development benefits everyone. Housing is a critical piece of that puzzle. With proper planning and the financial resources provided by the Mid-Hudson Momentum Fund, we can make strides toward a balanced approach to growth—one that accommodates our thriving industries and enhances the quality of life for Orange County residents.
As we look to the future, I believe the Mid-Hudson Momentum Fund will be instrumental in addressing both the immediate and long-term housing needs of our community. It’s an exciting time for Orange County, and I look forward to seeing the positive impact this fund will have on housing availability, affordability, and overall economic vitality.
