$750 million available through NY’s regional economic development program
Press Release, Gov. Andrew Cuomo’s Office
Governor Andrew M. Cuomo today launched Round XI of the Regional Economic Development Council initiative, officially kicking off a new decade of economic development in a post-pandemic recovery.
The 2021 funding round includes more than $750 million in state economic development resources. The Consolidated Funding Application opened on May 10, enabling businesses, municipalities, not-for-profits and the public to begin applying for assistance from dozens of state programs for job-creation and community development projects.
“We’re announcing a new decade of the Regional Economic Development Councils so that regionals all across the state can plan their own economic rebirth and come up with their own smart and daring plans to rebuild, and New York State will fund it,” Cuomo said. “We’ve done this before and it’s worked tremendously well, but it’s more important this year than ever before because the stakes are higher this year than ever before.”
Over the past 10 years, the Regional Economic Development Councils have revitalized the state’s economy from the ground up through a community-based and performance-driven approach to economic development. This year, New York State will again leverage the expertise of the REDCs to invest $750 million in strategic, regional efforts to drive the recovery in every corner of the state.
Round XI includes core capital and tax-credit funding that will be combined with a wide range of existing agency programs totaling approximately $750 million. The core funding includes $225 million in grants and tax credits to fund high value regional priority projects. The budget also makes over $525 million in resources from state agencies available to support community revitalization and business growth consistent with the existing REDC plans through the CFA process.
In order to be responsive to the immediate needs of the development community and as the state is making crucial investments to generate economic activity, the $150 million in grant funds from Empire State Development will be made available to projects on a continuous and competitive basis this round.
Round XI Awards
The Regional Councils will identify and recommend priority projects that will be eligible for up to $150 million in capital funds on a rolling basis, meaning projects will be reviewed throughout the round. An emphasis will be placed on project readiness and alignment with each region’s strategic plan. Additionally, projects within each region will also be eligible for a share of $75 million in Excelsior Tax Credits to help attract and grow business in the region. Projects from all 10 regions submitted through the CFA will be eligible for over $525 million in other state agency funds, which are available on a set timeline. Regional Economic Development Councils will review these projects and provide scores that reflect how well a project aligns with a region’s goals and strategies.
The 2021 REDC Guidebook and list of available resources is accessible by clicking here. The CFA – available by clicking here – opened on Monday, May 10, and the deadline for applications is Friday, July 30 at 4 p.m.
The REDC process continues to improve the State’s approach to economic development, creating regional strategies for bottom-up, economic growth and streamlining the State funding application process. To date, through the REDC competition, more than $6.9 billion has been awarded to more than 8,300 job creation and community development projects consistent with each region’s strategic plans, which project to create and retain more than 240,000 jobs statewide.
To date, through the REDC competition:
- Western New York REDC has been awarded $620.4 million for 890 projects;
- Finger Lakes REDC has been awarded $721 million for 950 projects;
- Southern Tier REDC has been awarded $702.3 million for 764 projects;
- Central New York REDC has been awarded $789.8 million for 801 projects;
- Mohawk Valley REDC has been awarded $697.7 million for 721 projects;
- North Country REDC has been awarded $682.2 million for 690 projects;
- Capital Region REDC has been awarded $673 million for 933 projects;
- Mid-Hudson REDC has been awarded $713.6 million for 914 projects;
- New York City REDC has been awarded $615.9 million for 819 projects; and
- Long Island REDC has been awarded $727 million for 885 projects.