Gov. Hochul Announces Launch Round XIII of Regional Economic Development Council Initiative
Governor Kathy Hochul this week announced the launch of Round XIII of the Regional Economic Development Council Initiative. Round XIII includes core capital grant and tax-credit funding combined with a wide range of programs from 10 State agencies, including $150 million in grant funds from Empire State Development, available to projects on a continuous basis.
The Councils are encouraged to support projects that advance or address strategic State priorities – including green buildings and sustainable development, child care, distressed communities, and innovative public-private partnerships; those projects, will be eligible for additional award funding.
New this year, two new micro programs will award capital grants to support New York State craft beverage manufacturers and non-profit organizations, and 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 tasked with updating 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,” Governor 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. Thanks to the work of the REDCs, New York is continuing to make catalytic investments that foster economic growth and continued success in every corner of our state.”
BCW President and CEO Marsha Gordon is Co-Chair of the Mid-Hudson Regional Economic Development Council.
The 2023 REDC Guidebook and a list of additional resources available to REDC Members are accessible here. The CFA is available here; the deadline for applications is Friday, July 28 at 4 p.m. Open enrollment programs are not subject to the July 28 deadline and will continue to accept applications on an ongoing basis until funds are exhausted.
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