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County Accepting Applications for Housing Creation and Preservation Program
Up to $9M available for key component of Dutchess County Housing Trust Fund

Published: 10/13/2022

Poughkeepsie, NY … The Dutchess County Department of Planning and Development today opened its application process for the Housing Creation and Preservation (HCP) Program, an integral part of the newly established Dutchess County Housing Trust Fund (HTF), established to provide financial support for the creation of affordable housing distributed throughout the County.

Both private for-profit and non-profit developers are eligible to apply for funding through a competitive application process, with approximately $9 million available. Applications will be accepted via an online portal through Wednesday, Nov. 30th, at 4 p.m.

This application round covers two eligible activities within the HCP Program:

  • Housing Creation: The creation of new affordable rental housing via new construction, rehabilitation of existing housing stock, and adaptive reuse of non-residential structures. Funded projects may be fully affordable or mixed-income; single-room occupancy rental housing is eligible under this category. 
  • Housing Preservation: Acquisition and/or rehabilitation of occupied, naturally-occurring affordable rental housing with income-eligible tenants to secure long-term affordability with applicable compliance periods.

Developments awarded HCP funds may also receive additional funding from other sources, including private financing / bank loans. Developments where other funding is committed will receive a higher priority. Tax credits and HCP funds may be used together.

The Dutchess County Housing Trust Fund requires that a minimum of 80% of a project’s funding through the Housing Trust Fund be targeted to households with incomes up to 60% of the Area Median Income (AMI) for Dutchess County. The remainder of a project’s funding may support units targeted to households with incomes up to 80% the County’s AMI.

Once eligibility is determined, applications are reviewed jointly by Department of Planning and Development staff and the Dutchess County Housing Trust Fund’s Project Review Committee (PRC), with a particular focus on project underwriting and overall compliance with program parameters.

The creation of the HTF is an outgrowth of the 2022 Dutchess County Housing Needs Assessment, released in April. Recognizing both the importance of safe, affordable housing and the challenges that many of our residents continue to face with regard to housing, Dutchess County has moved swiftly to set up the Housing Trust Fund and launch this first round of funding.

County Executive Marc Molinaro said “Countless communities throughout the nation, including Dutchess County, have faced housing availability and affordability challenges for a number of years. We know housing costs are outpacing incomes, and rental housing vacancy rates have been the lowest we’ve seen in over 40 years. In addition, the COVID-19 pandemic likely put additional strain on our market. We encourage developers looking to create affordable housing to apply for the Housing Creation and Preservation Program and help Dutchess County change local families’ lives.”

The HTF will provide a flexible and nimble funding source to aid in the implementation of a variety of affordable housing efforts throughout the County. The minimum amount of subsidy under the HCP is $10,000 per unit, and the maximum is $175,000 per unit.

Rental housing located in any Dutchess County municipality is eligible, but priority will be given to:

  • Housing that helps a municipality meet its portion of the minimum recommended countywide Fair Share Distribution, outlined in the 2022 Dutchess County Housing Needs Assessment;
  • Housing in communities or neighborhoods with limited affordable opportunities;
  • Housing which is located in established or emerging town/village centers, along transit routes, and/or near employment and services including educational, recreational, health and municipal; and
  • Housing that promotes greater choice of housing opportunities.

More detailed information on HCP priorities, requirements, regulations and guidance, is available in the program’s 2022 Policies and Procedures