KINGSTON- In exchange for keeping rental units affordable, small landlords in Ulster County are now able to access funds for upgrades to their properties including energy efficiency and building electrification upgrades, and accessibility upgrades. The funding, totaling $1.5 million, is being made available by Ulster County, RUPCO, and the City of Kingston.
The program, made available to small landlords with eight or fewer units, allows property owners to receive up to $15,000 per rental unit and no more than $30,000 per building for those buildings serving households at the 80 percent to 61 percent area median income (AMI) rent level. Units deemed eligible and serving households at the 60 percent AMI rent level are eligible to receive up to $25,000 per unit and no more than $50,000 per building. Landlord applicants must demonstrate that current rent levels are affordable to tenants.
“This new incentive-based program will help small landlords make investments that improve safety and comfort and reduce tenants’ utility bills while committing them to keeping rents affordable for the next five to seven years,” said Ulster County Executive Jen Metzger.
RUPCO will administer the program and provide staff to oversee the rental upgrade projects. Faith Moore, Senior Vice President of Operations & Strategy at RUPCO spoke to the value she believes the program will bring to the county.
“Together, we’re making essential repairs to their units and helping stabilize rents, fostering a stronger, more vibrant community for all. This collaboration embodies our unwavering commitment to affordable housing and the prosperity of our community,” remarked Moore.
Funding for the program was appropriated by Ulster County, with the City of Kingston contributing approximately $385,000 dollars for unit upgrades located in the city. The window for applications from eligible landlords is open now and will be available through December 1, 2023.
