Poughkeepsie... County Executive William R. Steinhaus has signed agreements which will provide the City of Poughkeepsie $313,532 in funding to create or maintain moderately-priced housing throughout the City of Poughkeepsie. This funding is being provided through the Dutchess County HOME Consortium.
According to County Executive Steinhaus, “I am pleased to partner with the City to bring additional resources into our community to address the challenge of having sufficient moderately-priced housing in the City and Dutchess County. In recent years the County has committed a significant amount of its own HOME dollars to projects in the City. I am pleased to provide these new dollars so the City can continue their revitalization efforts.”
The funds provided under these agreements will support three City programs: First Time Homebuyer, Senior Home Rehabilitation and the City-Owned Property Rehabilitation Program.
The First Time Homebuyer Program provides up to $8,000 in assistance for the downpayment and closing costs associated with the purchase of a home by an income eligible first time homebuyer. The County will provide a total of $50,000 towards this program under the agreement recently signed by the County Executive.
The Senior Home Rehabilitation Program provides up to $5,000 in assistance for rehabilitation of senior citizen, owner-occupied properties. The County will set-aside a total of $50,000 for this program. Both the First Time Homebuyer and Home Rehabilitation Programs are limited to households whose income is at or below 80% of the county median income.
The City Owned Rehabilitation Project will provide assistance to develop quality, affordable rental housing in the Main Street corridor. The City is currently finalizing the guidelines for this program. The agreement with the City provides $213,532 for this program. The rental units created under this program will be affordable to households who make 60% of the county median income or less.
The County Executive originally formed the Consortium with the City of Poughkeepsie in 1995 and renewed it most recently for the 2004-2006 program years. Dutchess County is the lead agency for the Consortium.