The company will occupy space that was until recently occupied by an entity of Citimortgage. Late last year Citimortgage announced that it would close its mortgage processing facility there. The company shut down the operation last month terminating approximately 160 employees.
RHM has agreed to retain 84 Citimortgage employees and has plans to create another 116 jobs within the next two years, according to state officials. Ronald Coan, president and CEO of the Dutchess County Economic Development Corp. says that RHM became active on the Route 55 property about a month after Citimortgage's announcement. In fact, he notes that Citmortgage employees were aggressive in seeking investors to establish a mortgage entity at the space and were successful in finding the investors behind the RHM start-up.
The DCEDC worked with RHM in the lease transaction with building owner Jason Page, and also got the firm in contact with the state's Empire State Development Corp. In connection with the lease deal, RHM will be eligible for a $200,000 Empire State Development grant as reimbursement for a portion of equipment costs. The company is also in discussions with the DCEDC concerning possible job-training assistance.
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