Ulster County to begin accepting applications for housing fund

>> Ulster County will begin accepting applications for the first round of funding through the Ulster County Housing Action Fund on March 11.

Applications will be accepted through 3 p.m. May 10.

Up to $3 million from the $15 million fund will be made available to applicants in 2024. The funding can be used for a variety of projects including affordable rental projects, affordable homeownership projects, preservation of affordable housing for housing co-ops and community land trusts, emergency and supportive housing projects, housing-related infrastructure and housing catalyst fund projects.

The maximum grant amount and affordability level for projects vary based on the housing category. Generally, the fund focuses on serving households earning up to 80% of Ulster County Area Median Income (i.e., $81,300 for a four-person household, $56,950 for a one-person household).

Recipients of the grants will be required to keep housing units affordable for a minimum of 50 years, with priority given to projects that keep the housing permanently affordable. Projects are required to meet New York State Housing and Community Renewable Sustainability Standards. For detailed information and application materials, visit participate.ulstercountyny.gov/housing-action-fund.

The Ulster County Planning Department will host a virtual webinar at 6 p.m. on March 19 to provide information on the fund and application process.

Interested parties can register at https://bit. ly/4bOWm5c.

In August, the Ulster County Legislature approved the creation of a $15 million housing action fund proposed by County Executive Jen Metzger to encourage an increase in housing supply countywide through investment. The fund was created by using $15 million from the county surplus fund balance and will be maintained by a dedication of 25% of the hotel occupancy tax, which was recently increased to 4% from 2%.

“The only way to address the acute shortage of housing options in our County and make housing more affordable for our residents is to expand supply,” said Metzger said in a press release announcing the application window. “The Housing Action Fund is intended to do just that, providing needed gap funding to help projects pencil out while at the same time encouraging housing solutions that are innovative and energy efficient, which is good for the environment and good for residents’ pocketbooks.”

The Housing Policy and Oversight Committee will oversee the implementation of the fund.