On May 11th, Governor Cuomo announced the availability of funding for the eleventh round of the Regional Economic Development Council (REDC) Initiative, a program which coordinates public funding for a wide array of economic development programs in each of the ten REDC regions of the state. Regional Councils were first established in 2011 to develop long-term strategic plans for economic growth for their regions, and to consolidate the funding streams of over 30 programs administered by numerous state agencies. There are ten Regional Councils total—one for each of the following regions: Western New York, Finger Lakes, Southern Tier, Central New York, Mohawk Valley, North Country, Capital Region, Mid-Hudson, New York City, and Long Island.
As usual, this funding will help implement each Regional Council’s strategic plan and help them continue to identify and invest in significant economic development projects. The State will allocate over $750 million to this initiative. Funding will be allocated as follows:
- $525 million in resources from state agencies available to support community revitalization and business growth through the Consolidated Funding Application (CFA) process.
- $150 million in capital funding for REDC priority projects.
- $75 million in Excelsior Tax Credits for projects within each region.
SPG has summarized several programs that may be of interest to health care providers and stakeholders in the attached document. More information can be found in the program guidebook here. CFA applications (available here) will be accepted until July 30th. Several programs will accept applications on an ongoing basis and are not subject to the July 30th deadline, as noted in our summary.