The $90.4 million that was awarded by the state to the Mid-Hudson region was a much-needed injection into the economy, and many of the awardees of the state’s Regional Economic Development Council (REDC) grants are very grateful.
But some are now scratching their heads to figure out what they are going to do to close the funding gap after their requested amount, in some cases, fell far short of what they needed.
“We are very grateful that the state of New York has been gracious enough to accept our project as one of importance. However, there is a large gap considering our ask,” said Kenan Porter, one of the owners of Heritage Restoration Properties, LLC in an email.
The company had asked for $475,000 to renovate the Clemson building in Middletown and received about half of that, which means they are looking at how to make up the difference. Porter and his family have already put in $1.5 million of their own money, he said.
“The gap will need to be filled by our original ask in order for us to move forward in the state of New York.”
