Gov. Andrew Cuomo on Tuesday launched the 11th round of the regional economic development council (REDC) initiative.
The consolidated funding application (CFA) opened on May 10, enabling businesses, municipalities, nonprofits, and the public to begin applying for assistance from dozens of state programs for job-creation and community development projects.
The deadline for applications is July 30 at 4 p.m., per Cuomo’s office. The CFA is available at https://apps.cio.ny.gov/apps/cfa/
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The 2021 funding round includes more than $750 million in state economic-development resources in what the state is calling “a new decade of economic development in a post-pandemic recovery.”
“The COVID pandemic has taken a tremendous toll on our state, but now is our time to build back better and stronger than before and create a New York that serves our children and their children and their children,” Cuomo said. “It’s going to be hard — it’s always hard to do what has never been done before — but after what New Yorkers have been through this part year, there is no challenge they can’t meet today. We’re announcing a new decade of the Regional Economic Development Councils so that regionals 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. 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.”
Round 11 includes core capital and tax-credit funding that will be combined with existing agency programs totaling about $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.
To date, through the REDC competition:
- 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;
- Southern Tier REDC has been awarded $702.3 million for 764 projects;
- Finger Lakes REDC has been awarded $721 million for 950 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.
- Western New York REDC has been awarded $620.4 million for 890 projects;
