Hochul releases guidelines for $500 million investment fund that’s part of Micron’s deal with the state

ALBANY, N.Y. — Gov. Kathy Hochul on Thursday released guidelines for pursuing funding in the $500 million Green CHIPS Community Investment Fund.

The state created the fund as part of the Green CHIPS incentive agreement between Micron Technology (NASDAQ:MU) and Empire State Development, New York’s economic-development agency, Hochul’s office said in its announcement.

Boise, Idaho–based Micron plans to build a massive semiconductor-manufacturing campus at the White Pine Commerce Park in the town of Clay.

Information about the fund can be found on ESD’s website, as well as registration for the community workshops for those pursuing funding.

All entities seeking grant funding from the Green CHIPS Community Investment Fund must submit a letter of intent for initial consideration. Letters of intent will be received and reviewed on an ongoing basis by funding partners.

Those interested can submit letters beginning Aug. 15. Letter of intent submissions will be reviewed by ESD and Micron and those that align with program goals will be invited to submit a full application.

The Green CHIPS Community Investment Fund will support investments in four categories: workforce development, education, community investments, and housing.

The program guidelines center on the “grassroots priorities” outlined in the recently released community priorities document (CPD) from the Central New York Community Engagement Committee.

The elements form the key criteria in the program guidelines with special consideration given for projects that address the immediate priorities identified in the CPD.

The Central New York Community Engagement Committee is made up of local stakeholders and five ex officio members. The effort to create the CPD included more than 13 months of public engagement across more than 300 community organizations and contains input from more than 12,700 Central New Yorkers.