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Cuomo targets foreign investment in 2014 By JohN GoLDeN jgolden@westfairinc.com
SPECIAL REPORT: HOSPITALITY • 11
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January 13, 2014 | VOL. 50, No. 2
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n his fourth State of the State Address in Albany, Gov. Andrew M. Cuomo outlined a broad agenda that builds on the achievements of his first three years in office and includes a legislative package that would provide more than $2 billion in tax relief to New
York businesses and residents. The governor announced the launch this year of “Global NY,” an effort to attract international investment, grow exports and create jobs upstate using his Start-Up NY program, a plan launched last year to build partnerships between business and academia by offering eligible companies taxfree space on or around state and private college campuses.
The state’s 10 regional economic development councils, created by Cuomo in his first year in office, this year will look to incorporate global marketing and export strategies in their economic development plans as they compete in a fourth round of state funding. The governor said he would host a Global NY Summit on World Trade and Investment this year Cuomo, page 6
foreclosures surge in 2013
GOOD THINGS HAPPENING • 24
NEWS NOON
By JohN GoLDeN jgolden@westfairinc.com
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holiday retail blues | page 2 Phillip Sohn, store owner, looks at a display rack of paints as he opens shop on a cold winter morning.
Not just green, certifiably green By CRystaL KaNG ckang@westfairinc.com
The WesTChesTer green business Challenge, a partnership that helps businesses move toward a path of environmental sustainability, plans to create a green business certification program. The pilot program, which launches Jan. 28,
invites all businesses to network with other greenminded companies, take advantage of its resources and guidelines that help companies achieve a higher level of environmental sustainability and attend webinars and training sessions. “There are companies out there that are already incorporating environmental sustainability and corporate social responsibility into their core business,” said Green, page 6
Foreclosure filings in Westchester County by mortgage lenders and servicers rose nearly 49 percent in 2013 from the previous year and court judgments against defaulting homeowners rose 77 percent last year from 2012, as banks began clearing a backlog of sold and resold mortgage loans dating from the housing market boom. The Westchester County Clerk’s office reported 2,694 foreclosure actions started in 2012, up from 1,813 in 2012. The lenders’ filings last year were the highest since 2009, when 3,123 foreclosure actions were started in the Great Recession. The 369 foreclosure judgments entered in the state Supreme Court in Westchester County last year were the highest in three years, but well below the numbers of defaulting homeowners who lost their homes to lenders from 2006 to 2010, according to county clerk records. Foreclosure judgments in the county peaked at 1,034 in 2008. Attorneys and real estate brokers have said they expect the surge in filings to continue in 2014 and that it could be another two to three years before the backlog of mortgage loans in default is cleared. Westchester County Clerk Timothy C. Idoni noted that stricter mortgage financing rules take effect this month “which will no doubt curb foreclosures down the road. But it is hard to predict the immediate impact these rules will have on the Westchester housing market and the current foreclosure burden.”
SpeCiAl: hudson valley news all in one section. See page 21.