ECONOMINC DEVELOPMENT INCENTIVES
The City of Poughkeepsie offers many winning opportunities for new businesses and private investors, such as:
- The ability to purchase or rent space at considerably below prevailing metropolitan rates
- Attractive loan packages
- Economic Development Zone tax incentives
The availability, amount and terms of assistance are subject to negotiation and the nature of the development proposed, including the number of new jobs to be created and a commitment to hiring City residents for those jobs.
Community Development Block Grant (CDBG): This is a Federal grant authorized through the U.S. Department of Housing and Urban Development. This Grant provides funding to non-profit agencies or City projects that directly benefit low and moderate income residents of the City. Past recipients include, but are not limited to, day care facilities, homeless shelters, domestic violence programs, sidewalk/street improvements, after school programs, etc.
Economic Development Loan Fund (EDLF): The EDLF offers low-interest rate loans to new and expanding businesses in the City of Poughkeepsie. The main objective of this loan fund is to encourage business growth and create and/or retain jobs for low and moderate-income City residents. Under present terms, subject to adequate credit history, owner equity, collateral and financials of business and principals, a maximum of $50,000 is available at prime or below prime interest rate with repayment options up to 15 years. Loan funds may be used for partial remodeling or fit-up costs, leasehold improvements, machinery and equipment and inventory (start-up businesses only). The EDLF is funded through the Community Development Block Grant and is subject to availability.
First Time Home Buyers: Provides income eligible, first-time home buyer’s down payment and/or closing assistance. Funds of up to $10,000 are offered in the form of a 0% deferred loan, repayable upon sale or transfer of property within the first ten years of ownership and occupancy. The City of Poughkeepsie’s First Time Homebuyers Program is being administered by Hudson River Housing’s Homeownership Center. For additional information and application contact Mary Linge, Hudson River Housing, 313 Mill Street, Poughkeepsie, NY 12602 (845) 454-9288.
http://www.hudsonriverhousing.org/education.html
HOME Rehabilitation Grant Program for Low Income Seniors: A program offering qualified, low income senior citizens forgivable grants of up to $5,000 for repairs to owner occupied 1-3 family homes.
Office Location
Building Planning & Zoning
City Hall – 2nd Floor
Monday through Friday
8:30 am to 4:30 pm
(845) 451-4007
Community Development Downloads
CDBG Action Plan 2012 (2.4 MiB, 405 hits)
EDLF Application (162.6 KiB, 56 hits)
Recovery Act Amendment (18.3 KiB, 261 hits)
First Time Homebuyers Program (24.8 KiB, 570 hits)
Home Rehabilitation Grant Program for Low-Income Seniors (206.3 KiB, 83 hits)
2012 HOME Funding Application (54.5 KiB, 516 hits)
2012 HOME Funding Application Guidelines (118.5 KiB, 634 hits)
Analysis of Impediments to Fair Housing Choice - Draft (5.7 MiB, 571 hits)
2011 Draft Annual Consolidated Performance and Evaluation Report (CAPER) (8.2 MiB, 415 hits)
2013-2017 Consolidated Plan Executive Summary (99.3 KiB, 350 hits)
2013-2017 Consolidated Plan Strategic Plan (118.9 KiB, 360 hits)
2013-2017 Consolidated Plan Meeting Notice (166.0 KiB, 261 hits)
Community Development Block Grant Notice (12.9 KiB, 177 hits)
Community Development Block Grant Application (81.5 KiB, 246 hits)
2013-2017 Draft Consolidated Plan (12.3 MiB, 125 hits)
2013 Request for Funding - HOPWA (64.1 KiB, 216 hits)
CDBG Action Plan 2013 (3.2 MiB, 116 hits)
