Westchester Insider: Westchester County Legislator Jose Alvarado 17th District: Governor Cuomo Announces $750M in State Economic Development Resources.

 

Governor Cuomo Launches a New Decade of the Regional Economic Development Council Investment.

Mid-Hudson Regional Economic Development Council to Host Virtual Public Meeting on May 18.

Earlier this week, Governor Andrew Cuomo 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 (CFA) is now open, 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. 

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.

The Mid-Hudson Regional Economic Development Council (MHREDC) will hold a virtual public meeting on Tuesday, May 18, 2021, from 2:00 PM - 4:00 PM to discuss this year's CFA process. To register for the meeting, visit https://zoom.us/webinar/register/WN_b6UrIWH0QlanikyAxNSd7A.