Economic Transformation Program
As part of the 2011-12 State Budget, Governor Cuomo and the Legislature established the Economic Transformation Program to support the economies of communities affected by the closure of certain correctional and juvenile justice facilities. The Economic Transformation Program provides tax credits and $50 million in capital funding for projects that leverage investments to create jobs and support economic development initiatives in these areas.
The Program will be available to eligible entities within the Economic Transformation Areas detailed below. The Program will be administered in consultation with Regional Economic Development Councils and the affected communities.
The Program will be available for projects in targeted industries. Projects involving retail, real estate development and professional service businesses will be eligible only when located at the site of a closed facility. Tourism destination projects may qualify for capital funding.
Applicants must contact the ESD Regional Office to apply for assistance through this Program. Applications may be recommended by Regional Councils and will be processed and reviewed for consistency with the strategic plans and priorities of the region.
How to Apply:
Applicants must contact the area’s ESD Regional Office to
apply for economic development resources through this
Applications may be recommended by a Regional Economic
Development Council and may be processed and reviewed for
consistency with the strategic plans and priorities
of the region.
For more information and to initiate an application, contact the appropriate ESD Regional Office covering the project area.