News & INSIGHTS

POUGHKEEPSIE, N.Y. – A multi-million dollar investment of taxpayer money is soon to be used in the establishment of a housing trust fund to provide a “flexible and nimble funding source to aid the implementation of a variety of affordable housing efforts,” according to Dutchess County Executive Marc Molinaro.

According to Molinaro’s office, $12 million is to be invested in the establishment of a countywide Housing Trust Fund.

The creation of the Housing Trust Fund was recommended by the 2022 Dutchess County Needs Assessment.

“Nationally, housing trusts have proven to be valuable sources of flexible funding to aid the implementation of a variety of affordable housing efforts,” the press release said.

Molinaro said that Dutchess County faces similar housing problems.

“As communities throughout the nation deal with housing challenges, Dutchess County is working on solutions, and our Housing Trust Fund is a tremendous step in making safe, affordable housing available throughout our county. This sizeable investment represents the importance Dutchess County places on helping those who seek a place to call ‘home’ find it, whether that means rehabilitating current housing, or creating new units or offering financial assistance to those looking to buy their first home,” Molinaro said in the release.

Molinaro is facing off against Ulster County Executive Pat Ryan in a Tuesday, Aug. 23 special election for the 19th Congressional District.

The Housing Trust Fund will feature three main components: a Housing Creation and Preservation Program, the Infrastructure and Pre-Development Support Program and a First-Time Homeownership Program.

“New affordable rental housing through new construction, rehabilitation of existing housing stock and adaptive reuse of non-residential structures are eligible activities under the HCP; funded projects may be fully affordable or mixed-income, and single-room occupancy rental housing is eligible,” the release said.

“The Housing Trust Fund is the latest initiative in the county’s continuing efforts – including the use of Community Development Block Grants and HOME funds, as well as the education of local municipal officials (i.e. zoning boards) and other measures – to ensure safe, affordable housing is available throughout the community,” the release added.