New York State Co-Funding applications are now open with available funding from 30 projects.
Governor Hochul announced the launch of the thirteenth round of the Regional Economic Development Council initiative. The thirteenth round includes core capital grants and tax credit funding, as well as a broad program from 10 state agencies, including $150 million in grant funding from Empire State Development, to the project on an ongoing basis. Councils are encouraged to support projects that advance or address national strategic priorities – including green building and sustainable development, childcare, deprived communities and innovative public-private partnerships; these projects will be eligible for additional incentive funding. New this year, two micro-projects will provide grants to support New York State craft beverage manufacturers and nonprofits, and a new $30 million challenge will provide $10 million to up to three districts for Implement innovative solutions to address long-standing barriers to economic growth. Additionally, for the first time since 2015, the council will be tasked with updating its strategic plan for regional economic development.
“Our regional economic development council initiatives continue to transform communities across the state, create jobs and drive private investment across New York,” Governor Hochul said. “The launch of this latest round builds on the nation’s efforts to address our most pressing economic priorities – from sustainable development to the growing need for child care – while empowering communities to capitalize on their regional strengths. Thanks to the work of REDCs , New York will continue to make catalytic investments to foster economic growth and continued success in every corner of our state.”
“I am proud to lead the next round of regional economic development council initiatives and steer the councils on a path to redefine each region’s growth priorities,” Lieutenant Governor Antonio Delgado said. “Through coordination and cooperation, we will identify opportunities to advance key industries, advance projects that meet regional needs, and advance each region’s economic vision for the future. “
Empire State Development President, CEO and Commissioner Hope Knight said: “While the Regional Economic Development Council initiative has been a successful model for New York State economic growth, under Governor Hochul’s direction, we are tasked with improving and strengthening key programs that will expand on our many successes. Each region will update its strategic plan, refocus growth, continue to guide resource allocation, and develop an updated roadmap for each region to achieve its future economic vision. ”
Regional Strategic Planning Process Update
The 10 REDCs are guided by their Regional Economic Development Strategic Plan, which emphasizes each region’s unique assets and provides strategies for leveraging local resources to stimulate regional economic development and job creation statewide. This year, regional councils will review and update their plans to redefine each region’s growth priorities, guide resource deployment, and develop an updated roadmap to achieve its economic vision.
As part of the updated strategic plan, the Council will be tasked with analyzing specific challenges to economic growth. Each REDC will develop a proposal outlining a creative and innovative solution to a specific challenge of their choice. The proposals will be reviewed by the State, and up to three winning proposals will receive up to $10 million in funding to implement the proposed solutions.
Consolidated Grant Application
Regional boards will score projects submitted through the Consolidated Funding Application (CFA), New York State’s single application to state resources that includes programs from numerous agencies. It is designed to give project applicants quick and simplified access to a combined pool of grant funding and tax credits from dozens of existing projects. This year, 10 national agencies provided funding for 30 projects. Regional committees will review the project and provide a score that reflects the degree to which the project aligns with the district’s goals and strategies.
In its thirteenth round, ESD launched two new small grant programs: the Craft Beverage Small Grants Program and the Nonprofit Capital Grants Program. The Craft Beverage Micro Grant Program will provide up to $5 million in funding designed to increase the production capacity, business infrastructure and profitability of businesses licensed to produce wine, beer, spirits, hard cider and mead in New York State. Grants ranging from $25,000 to $50,000 will support equipment purchases and facility upgrades.
Funding of up to $5 million will be available through the Nonprofit Capital Grants Program, which will provide matching funding grants to nonprofit organizations that provide economic and community benefits in their area to assist in improving and upgrading facilities. Grants range from $25,000 to $100,000.
Access to the 2023 REDC Guidelines and a list of other resources available to REDC members here. CFA available here; Application deadline is Friday, July 28 at 4pm The Open Enrollment program is not subject to the July 28 deadline and will continue to accept applications on an ongoing basis until funds run out.
The REDC process continues to support and empower regional stakeholders to develop strategic plans and funding priorities that meet local economic needs. To date, more than $7.7 billion has been directed to more than 9,500 job creation and community development projects under each region’s strategic plan through the REDC initiative.
About the Consolidated Funding Application
The Consolidated Grant Application was created to simplify and expedite the grant application process. The CFA process marks a fundamental shift in the way resources are allocated across the country, ensuring less bureaucracy and greater efficiency to meet local economic development needs. The CFA is a single entry point for economic development funding, ensuring that applicants no longer need to slowly navigate multiple agencies and sources without any coordination mechanism. Now, economic development projects use CFA as a support mechanism to access multiple national funding sources through one application, making the process faster, easier and more efficient.Learn more about CFAs here.
About Regional Economic Development Councils
The Regional Economic Development Council initiative is an important part of the country’s approach to investment and economic development. In 2011, 10 regional committees were formed to develop long-term strategic plans for economic growth in their respective regions. These committees are public-private partnerships comprising local experts and stakeholders from business, academia, local government and NGOs. Regional boards are redefining the way New York invests in jobs and economic growth by implementing a community-based, bottom-up approach and establishing a state resource competition process.to know more information www.regionalcouncils.ny.gov.