County economic development staff reported on a series of business support programs and one large housing closing during the update to supervisors.
Staff said the county and its development partner received a $295,000 U.S. Small Business Administration award to administer a small business loan program alongside a county CPBG‑funded loan pool. The presenter said the SBA award augmented other funds and noted a separate $1,000,000 SBA allocation (described in the packet) to create a tranche of loan capital to be converted into loans to businesses.
The county ran round‑two of a state Office of Community Renewal micro‑enterprise grant program and distributed another $300,000 in grants; the program provides up to $25,000 per eligible business (businesses in operation less than two years and with five or fewer employees). Staff said counties and local entities also provided letters of support for applicants to regional grant programs.
Staff reported that K & R, a New York City company, closed on Providence Hall on Skyler Court in Hudson; staff said the combined property includes 151 Section 8 units and that the buyer secured financing (presenter noted a $26,000,000 loan and that the owner paid $8,000,000 for the project, with remaining capital to be invested in rehabilitation). “Every unit will be rehabbed in place,” the presenter said. Staff noted a 30‑year Section 8 contract and a 30‑year PILOT at 7% of shelter rents for the project.
The update included other items — letters of support for municipal applicants to state grant programs, and assistance managing a $300,000 New York Forward pilot in Germantown — but no formal board votes were recorded on these program distributions at the meeting.