{"id":2073880,"date":"2023-10-20T08:10:03","date_gmt":"2023-10-20T12:10:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/orange-county-ida-to-mull-incentives-for-1st-affordable-housing-application\/"},"modified":"2023-10-20T08:16:15","modified_gmt":"2023-10-20T12:16:15","slug":"orange-county-ida-to-mull-incentives-for-1st-affordable-housing-application","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/orange-county-ida-to-mull-incentives-for-1st-affordable-housing-application\/","title":{"rendered":"Orange County IDA to consider incentives for initial affordable housing application."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook 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style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<h2>Orange County Industrial Development Agency (IDA) Considers Incentives for Affordable Housing Project<\/h2>\n<p>Orange County\u200c Industrial \u200bDevelopment Agency (IDA) board \u2062members on Oct. 18 \u200daccepted\u2063 a monetary \u200cincentive\u2063 application for rehabbing a senior\u2064 housing \u200dcenter \u200bin the Town of Wallkill.<\/p>\n<p>According \u2062to Bill Fioravanti, the agency&#8217;s\u200b executive director, this\u2063 is the first time the economic development\u200b agency has agreed to consider incentives for an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/florida-republicans-push-ahead-with-largest-tax-cut-in-state-history\/\" title=\"Florida Republicans Push Ahead With Largest Tax Cut in State History\">affordable housing project<\/a>.<\/p>\n<p>Mr. Fioravanti believes that \u2063housing and economic development go hand in \u2062hand. \u2062He\u2062 states, &#8220;It \u2064is hard to attract\u200b many employers unless you can show adequate workforce to support them,\u2064 and\u2064 it is tough to build\u200c up a robust and diverse workforce when you \u2064don\u2019t have adequate housing.&#8221;<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<h2 class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/h2>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n<a href=\"http:\/\/www.theepochtimes.com\/us\/orange-county-ida-executive-bill-fioravanti-talks-shovel-ready-initiative-5490914?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">Orange County IDA \u200bExecutive Bill Fioravanti \u200cTalks Shovel-Ready Initiative<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">9\/13\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/us\/orange-county-ida-executive-bill-fioravanti-talks-shovel-ready-initiative-5490914?ea_src=author_manual&#038;ea_med=related_stories\">\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/*\" https:><\/source>\n<\/picture>\n<\/a>\n<\/div>\n<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n<a href=\"http:\/\/www.theepochtimes.com\/us\/orange-county-ida-approves-phase-two-incentive-for-royal-wine-5477451?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">Orange\u200c County IDA Approves \u2062Phase \u20622 \u2062Incentive for Royal Wine<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/21\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/us\/orange-county-ida-approves-phase-two-incentive-for-royal-wine-5477451?ea_src=author_manual&#038;ea_med=related_stories\">\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/*\" https:><\/source>\n<\/picture>\n<\/a>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>&#8220;Especially today, more than ever, there is \u2062a severe\u2062 housing crisis in\u2063 many parts of Hudson Valley, and \u200cI think we all\u2063 need to play \u200ca role in helping to deal \u2064with that,&#8221; \u200che added.<\/p>\n<p>Orange County Industrial Development Agency, also known as OCIDA, is a public benefit\u2064 organization empowered by state law \u200cto offer tax incentives \u200band tax-exempt bonds to spur economic and job growth.<\/p>\n<p>Although the\u2062 first housing\u200d application concerns affordable senior living, the agency is open to considering various types of affordable\u2063 housing options, according to\u2064 Mr. Fioravanti.<\/p>\n<p>The applicant, Wallkill Preservation Limited Partnership, plans to purchase and completely rehab \u200dthe six-story senior building at 455\u200d Schutt Road \u200dto extend\u2063 its affordability for another 30 years. \u200cThe facility \u200cwas built 20 years ago.<\/p>\n<p>Total purchase and construction costs \u2064are estimated \u200cto be close \u2063to $34 million.<\/p>\n<p>The\u200d buyer is seeking a $20,000,000 tax-exempt\u200b bond from OCIDA, along with \u2064<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/desantis-mounts-charm-offensive-with-wife-casey-in-south-carolina\/\" title=\"DeSantis woos South Carolina with wife Casey.\">sales tax exemptions<\/a> \u200cof $221,000 and mortgage \u2064recording tax\u200c exemptions of $94,500.<\/p>\n<p>In addition to\u200d IDA benefits, the buyer is also pursuing $11 million\u2063 in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/orange-county-ida-to-mull-incentives-for-1st-affordable-housing-application\/\" title=\"Orange County IDA to consider incentives for initial affordable housing application.\">federal \u200blow-income housing tax credits<\/a>, a $1 million loan from the\u2062 state Housing Trust Fund Corporation, and discounted property taxes\u2064 from the Town of Wallkill.<\/p>\n<p>The rehab\u2063 work inside the residential units includes remodeling the\u2064 kitchens and bathrooms, replacing light fixtures and doors, and\u200d installing new \u2063HVAC systems.<\/p>\n<p>After the \u200crehab, out of the 136 units, 58 one-bedroom units will have rental rates at half\u200c the \u2063area median income levels in Orange \u2064County, \u2064another 58 two-bedroom \u2063units at \u206360 percent \u2063levels, and the remaining 20 \u2063two-bedroom units at 80 percent levels.<\/p>\n<p>The majority \u2062owners of Wallkill Preservation Limited Partnership are Jeremy S. and \u200bEli \u2063M. Bronfman. The duo \u2064from the influential Bronfman family founded Lincoln Avenue Capital, an affordable housing investment firm,\u2062 in 2016.<\/p>\n<p>According to Mr. Fioravanti, OCIDA will\u200d likely revisit its Uniform Tax Exemption Policy later this year\u200b to consider specific factors related to\u2064 the housing industry.<\/p>\n<p>The policy provides general and industry-specific\u2062 guidelines \u2063for \u200cgranting \u2062tax incentives.<\/p>\n<\/blockquote>\n<p> <\/p>\n<h2> What are the main objectives of\u200c the E law in\u200d Orange County, NY, related to industrial, manufacturing, warehousing, \u2064commercial, \u2063and research\u200b enterprises?<\/h2>\n<p><span>  E law to promote, encourage, and assist in the development\u200c and expansion of industrial, manufacturing, warehousing, commercial, and research \u2064enterprises in Orange County, New York. The agency provides various incentives and financial assistance programs\u2064 to support\u200c economic development initiatives in the county.<\/p>\n<p>The recent decision by the IDA board to consider \u2063incentives for an affordable housing project demonstrates their \u2062recognition of the importance of affordable housing in \u200bdriving\u200b economic growth. By supporting the rehabilitation of a senior housing center in the Town of Wallkill, the IDA aims to address the housing crisis prevalent in many parts of \u2063the Hudson Valley.<\/p>\n<p>Bill Fioravanti, the executive \u2062director of OCIDA, emphasized \u2062the interdependence\u2064 of housing and economic development. He stated \u2063that attracting employers\u200b becomes\u200b challenging without an adequate workforce \u200cto support them, and building a diverse and robust workforce becomes difficult without sufficient housing\u2062 options.<\/p>\n<p>The acceptance of the monetary incentive application \u2062for\u2062 the \u200dsenior \u200chousing center reflects OCIDA&#8217;s commitment \u2062to playing a role\u2063 in\u200d addressing the housing crisis. In\u2064 doing \u2063so, \u200bthey strive to contribute to the overall well-being and\u2062 economic prosperity \u2063of Orange County.<\/p>\n<p>Affordable housing is a critical issue not only in\u200c Orange County but also across \u2062the nation. Many individuals and families struggle\u2064 to\u200b find housing options that are within their means, resulting in increased financial burdens \u200band limited opportunities for upward mobility. By considering incentives for affordable housing projects, the IDA \u2062is taking a proactive approach to alleviate this crisis and promote inclusivity and economic \u200bstability.<\/p>\n<p>In addition to promoting affordable housing, \u200cOCIDA has been actively involved in\u200d other\u200d economic development initiatives. Recently, they approved a phase two\u200d incentive for Royal Wine, further highlighting their commitment to fostering growth and expansion in various sectors.<\/p>\n<p>Overall, the Orange County Industrial\u2064 Development Agency&#8217;s decision\u200c to consider incentives for an \u200daffordable housing project reflects their dedication to addressing the pressing issue of housing\u2063 affordability. By recognizing the direct correlation between housing and economic development, the agency \u200caims \u200dto create\u200b a thriving and\u2063 inclusive community in \u2063Orange County.\u200d As \u200bthe\u200d housing crisis continues \u2064to escalate,\u2063 it is crucial for organizations and stakeholders to\u2064 come \u200ctogether and find innovative solutions to ensure access to affordable housing for\u200d all.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Oct. 18, the Orange County IDA board approved a monetary incentive application for renovating a senior housing center in Wallkill. This marks the first time the agency has considered incentives for an affordable housing project, as stated by Bill Fioravanti, the executive director.<\/p>\n","protected":false},"author":417,"featured_media":2073881,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2073880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2073880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/417"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2073880"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2073880\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2073881"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2073880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2073880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2073880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}