ALBANY – The state’s Mid-Hudson Momentum Fund has approved $22 million for three housing projects in Peekskill, Haverstraw and Newburgh.
One Lafayette in Newburgh will receive $8.75 million toward the multi-million project that would see a five-story building constructed on Liberty Street. The 200,000-square-foot development would see 144 affordable apartments, commercial and retail space.
There is one caveat – the development needs a PILOT – payment in lieu of taxes. Mayor Torrance Harvey said the city council must now approve that PILOT for the work to go forward.
The city Industrial Development Agency previously approved one, but new state law requires prevailing wages during construction.
Harvey said he will vote for the payment in lieu of taxes, but what the other council members do remains to be seen.
In the City of Peekskill, $3.25 million is for the SoLo project that will create a mixed-use, transit-oriented and mixed-income community with 231 apartments, including 100 affordable units and four commercial spaces.
In Haverstraw, $20 million will be used to transform the former Haverstraw Chair Factory in the village into a mixed-income Hudson Riverfront development with 450 apartments and 13,000-square-feet of retail and community space.
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