Community Development

Community Development Programs

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.

Façade Improvement Grant Program: This grant offers a maximum of $7,500 in assistance for the restoration and/or rehabilitation of facades for commercial buildings.  The Façade Improvement program may be used for materials, supplies or rental equipment associated with the approved façade improvement.  This grant is available to businesses and building owners located within designated census tracts, as outlined in the application package.  The Façade Improvement Grant is funded through the Community Development Block Grant and is subject to availability.

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.

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.

2008-2012 Consolidated Plan: This document presents a strategic plan to address the three goals established by federal statute for these programs: providing decent housing; providing a suitable living environment; and providing expanded economic opportunities.