Central Hudson is committed to supporting
businesses that create quality jobs in the
territory we serve, particularly high-tech
and industrial manufacturing companies in
industries with positive long-term prospects.
Central Hudson Economic Development Programs:
New Jobs: Central Hudson offers up to $100,000 when a company creates quality new jobs in high tech, green tech or emerging growth industries in our region.
- $1,000 per job for positions in manufacturing or
research development paying more than $40,000
annually. In all other industries, $750 per job for
positions paying between $40,000 and $59,999
annually and $1,000 for those paying $60,000 or
- A minimum of 20 new jobs must be created
before an applicant can be granted an award.
Shovel Ready Sites*:
- Get up to $200,000 for the State Environmental Quality Review Act (SEQRA) approval process.
- Get up to $200,000 for utility infrastructure improvements
*Maximum expenditure is $300,000 per site for both soft and hard costs.
Revitalization: Central Hudson is offering $1 per square foot per site toward the revitalization of older, abandoned industrial buildings in our region.
- Eligible buildings must have at least 50,000 square
feet of vacant space.
- Businesses that seek to demolish, deconstruct, rehabilitate and/or reconstruct vacant or severely underutilized properties are eligible to apply for funding.
- Owners must contribute at least 50% of the costs of the project.
PACE (Property Assessed Clean Energy): finance is a debt-like product that can finance that portion of building rehab work that results in energy savings. PACE is paid back through a special assessment charge on the building’s local property tax bill instead of through a debt service payment. The reason for this is that the special assessment provides a very high level of security and, as a result, PACE loans can be made available at favorable rates and with amortization periods of up to 20 years, which allows for lower annual payments and greater affordability. Even non-profits that are not subject to property taxes are eligible for this benefit.
Some of the features and benefits of PACE are:
- Financing can be provided for 100% of the cost of the energy saving improvements, up to 10% of the as-built value of the building
- No down payment required; preserves owner’s mortgage capital, equity and credit lines
- The improvements are repaid using money saved on energy; a PACE financing is cash flow positive
- Financing eligibility is based on the property’s potential to save energy, not on the property owner’s personal credit; no guarantees required
- The energy improvements financed using PACE strengthen the project over the long term by lowering energy and maintenance costs
- The financing (along with the improvements) transfers automatically to a new owner, eliminating any need to pay it off at the time of sale
- Both the PACE assessment and the energy savings can be shared easily with tenants under most lease structures
- Competitive rates at 4.5% – 6%, with flexible terms of 5 to 20 years, subject to market conditions.
Basic PACE Underwriting Criteria
Can finance up to 10% of the value of the property as improved
Property’s existing loan-to-value is no greater than 80%
No bankruptcy within last 7 years
At least 3 year history of timely property tax payments
Existing mortgage holder consent required
(Over 100 financial institutions nationally have given consent)
Estimated annual energy savings from improvements must be greater than annual assessment payments
Improvements must have savings-to-investment ratio > 1
Requires NYSERDA or utility energy assessments for quality and cost effectiveness
Improvements Allowed under PACE
There is no set list of eligible improvements under PACE. Instead, there is a set of criteria.
The improvements must be:
approved by NYSERDA or a utility incentive program
permanently affixed to the property, and
reduce the energy consumption in the building.
These criteria allow for a wide range of improvements, including but not limited to:
Building enclosure/envelope improvements
For more information on Central Hudson Economic Development Programs please call us at (845) 486-5579 or visit: centralhudson.com/economicdevelopment