One of the largest film festivals in the world is relocating to the Hudson Valley. YNN's Meredith Zaritheny has more on the announcement and what it could mean for Middletown.

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MIDDLETOWN, N.Y. -- The Hoboken International Film Festival has a new home and it's not in New Jersey, it's right here in the Hudson Valley.

"This is going to be so exciting and so great for Middletown I can't wait," said Senator Charles Schumer.

Schumer joined Middletown Mayor Joseph Destefano to announce the film festival's big move to the historic Paramount Theater in downtown Middletown.

"We are all very excited about the festival," said Mayor Destefano.

Local leaders and shop owners hope the festival will be a boost for their business and put the area in the spotlight.

"With this national recognition, I'm hopeful this event will not only spur economic activity in the town in May, thanks to an infusion of tourist business dollars, but will put the theater and city on the map for future events," said Schumer.

More than 10,000 people are expected to attend the week-long film festival. Middletown's mayor says hosting an event of this size would not have been possible without the help of Orange County Executive Ed Diana.

"Through his office, the grant that was used to have this beautiful theater equipped with screen and digital equipment of a $150,000 that today would not be possible," said Mayor Destefano

The 2013 Hoboken International Film Festival is will run from May 31st to June 6th and will be hosted by Gilbert Gottfried.

"I want to be here forever with Hoboken International Film Festival. That’s our plan," said Ken DelVeccio, Chairman of Hoboken International Film Festival.