FOR IMMEDIATE RELEASE
November 20, 2024
City of Kingston Partners with Center for Public Enterprise & Issues Request for Information for Developer Partners
KINGSTON, NY – Mayor Steven T. Noble is pleased to announce that the City of Kingston, in partnership with the Center for Public Enterprise, has released a Request for Information (RFI) to gather information from developer partners interested in developing mixed-income real estate projects that would meet the City’s housing goals.
The City of Kingston has contracted with the Center for Public Enterprise (CPE) to help create a mixed-income housing development model that is less reliant on tax credits and other traditional financing methods than existing models. CPE, which helps municipalities develop cutting-edge programs to grow housing production, is helping the City explore a mixed-income public development model in which public entities leverage a revolving loan fund and other local tools to help finance new housing. This type of housing production model was recently featured in a brief by the New York University Furman Center and has been pioneered by jurisdictions such as Montgomery County, Maryland, and Atlanta, Georgia.
With the RFI, the City hopes to attract developers of multifamily projects with existing shovel-ready projects located in Kingston and/or from private/non-profit sector partners that are interested in expanding into the Kingston market.
“To meet our ambitious housing goal of approving 1,000 housing units by 2029, we need to leave no stone unturned,” said Mayor Noble. “We have implemented a new zoning code that encourages housing development, have passed legislation that helps spur affordable housing creation, and are working with partners to build mixed-use developments in key areas of economic growth here in Kingston. As a part of these efforts, we’re looking for shovel-ready projects to help get off the ground.”
A virtual information session will be held on December 6, 2024, at 12:00pm. Registration instructions are included in the RFI.
“Through an innovative partnership with the Center for Public Enterprise, the City of Kingston is exploring how it could take a more direct role in stimulating housing development. This model is especially relevant given the challenges many multifamily projects face of high construction costs and high interest rates. The model can also be a win-win: The City will create deeply affordable housing units with a minimal amount of public equity investment while a developer is able to overcome traditional financing challenges to get a project built. I encourage interested non-profit and private developers to participate in this RFI process.”
RFI responses are due January 8, 2025, at 2:00pm. Find the RFI here.
The Center for Public Enterprise focuses on broadening the public sector’s capacity to deliver economic development through publishing original research and policy innovations, and by partnering directly with public agencies on designing and implementing development programs. CPE works with local, state, and federal government agencies, as well as advocacy organizations, researchers, and academics to support successful design and implementation of public development programs.
Mayor Noble established the Department of Housing Initiatives in 2020 to support housing planning in the City of Kingston. The Department manages housing-related grants, supports the construction of new market-rate and affordable housing, develops policies to protect existing residents, and addresses the connection between housing and sustainability, health, and mobility. The Department also reviews the disposition of city-owned property suitable for housing development and collaborates with local and regional housing organizations.
Visit https://kingston-ny.gov/housing.