ALBANY, N.Y. — New York State has started the 13th round of the regional economic development council (REDC) initiative.
This round includes core capital grant and tax-credit funding combined with programs from 10 state agencies, Gov. Kathy Hochul announced Monday. It includes $150 million in grant funds from Empire State Development, available to projects on a continuous basis.
The state encourages the councils to support projects that advance or address strategic state priorities. They include green buildings and sustainable development, childcare, distressed communities, and innovative public-private partnerships. Those projects will be eligible for additional award funding, Hochul’s office said.
Two new micro programs will award capital grants to support New York State craft-beverage manufacturers and nonprofit organizations. In addition, a new $30 million Challenge competition will award $10 million to up to three regions to implement creative solutions to tackle persistent barriers to economic growth.
Also, for the first time since 2015, the councils will be working to update their strategic regional economic-development plans.
“Our Regional Economic Development Council Initiative continues to transform communities across the state, creating jobs and driving private investment all over New York,” Hochul said. “The launch of this latest round builds on state efforts to address our most pressing economic priorities — from sustainable development to the growing demand for childcare — all while empowering communities to tap into their regional strengths.”