KINGSTON – The Ulster County Industrial Development Agency Board has lifted a moratorium on its housing policy.
Under state general municipal law, IDAs can provide incentives to commercial projects including housing that fall under the scope of the IDA’s mission to “advance the job opportunities, general prosperity, and long-term economic vitality of Ulster County,” said the agency’s executive director, Hillary Nichols.
“The IDA can’t solve the housing crisis, but if we want to attract and retain good jobs in the community, workers need a place to live,” said Michael Ham, chairman of the IDA board.
Lifting its moratorium on housing policy is “only half the battle,” said Nichols. A new housing policy and uniform tax-exempt policy that “represents the unique concerns and appropriately incentivizes housing projects, is being created by the IDA’s Governance Committee.
“A new UTEP will send a message to developers about the types of housing projects that are important to Ulster County,” Nichols said.
The IDA has no housing projects that have submitted a formal application for incentives prior to the lifting of the moratorium; however, she said the hope is lifting the moratorium “sends the message to the community that the IDA is open for business and is just one of many tools available to tackle the housing crisis.”
