Funding Will Support 52 Projects that Align with Region's Strategic Plan

Region Awarded Additional $10 Million to Support Future Local High-Impact Projects

Empire State Development (ESD) today announced that the Capital Region was awarded more than $45.2 million through Governor Kathy Hochul's 2025 Regional Economic Development Council initiative. This funding will support 52 projects across eight counties, leveraging $211.9 in additional public and private investments. The Capital Region was also awarded $10 million to use toward future high-impact projects.

ESD President, CEO and Commissioner Hope Knight said, "Governor Hochul’s REDCs continue to recommend proposals that will create jobs and spur new growth through a locally focused, bottom-up strategy to economic development. By awarding state funding to projects that align with regional priorities, New York is investing in new ideas, new efforts and new developments to promote community growth throughout the state."

Secretary of State and REDC Chair Walter T. Mosley said, "I want to congratulate all the dedicated individuals who worked so hard in helping promote, shape and drive sustainable economic development in our communities. Over the years, the REDC initiative has created jobs, affordable housing and sparked economies all across our state and the Department of State has been proud to play a role. I look forward to witnessing the growth of our communities through this initiative and seeing these projects come to fruition."

Capital Region Economic Development Council Co-Chairs Ruth Mahoney and Dr. Havidán Rodriguez said, "The projects that were competitively chosen for funding in the Capital Region through this year's Regional Council process will help us to build upon our blueprint for growth, investment and success. Together, we are tackling regional challenges like housing, while capitalizing on local strengths like the arts and tourism. On behalf of our fellow Council members, we thank Governor Hochul for supporting our vision for sustainable development."

Projects awarded funding in the Capital Region include:

• Hudson Housing Authority – $3 Million Pro-Housing Supply Fund grant: The Authority will complete infrastructure upgrades and sitework to enable a two-phase redevelopment plan to replace obsolete buildings with high-quality, energy-efficient affordable housing. HHA currently manages aging units at Bliss Towers and Columbia Apartments that were built in 1973 and now outdated with infrastructure issues. Phase I includes new construction of 166 affordable and workforce units across two buildings on underutilized parcels.

• Palace Performing Arts Center, Inc. – $1 Million Regional Council Capital Fund grant: Albany’s Palace Theater is undertaking a transformative redevelopment that will position the venue as a continued economic anchor for the Capital Region. The theater will undertake critical upgrades to accommodate modern touring productions and enhance the visitor experience. Complementing the theatre improvements, the project includes the construction of a mixed-use development featuring dozens of residential units and retail space.

• The Community Builders, Inc. – $1 Million Regional Council Capital Fund grant: Funding will support a new mixed-use development on State Street that will include a grocery store and an affordable housing complex. The project will improve food access and provide nearly 200 affordable and supportive housing units in this underserved neighborhood.

A full list of projects across all 10 regions is available here.

About the Regional Economic Development Councils

The Regional Economic Development Council initiative is a key component of the State's approach to State investment and economic development. In 2011, 10 Regional Councils were established to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom-up approach and establishing a competitive process for State resources. Learn more at regionalcouncils.ny.gov.

About Empire State Development

ESD is New York’s chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state’s 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state's world class tourism destinations through ILOVENY. For more information, please visit ESD’s website here, and connect with ESD on LinkedIn, Facebook and X, formerly known as Twitter.

 Contact:
ESD Press Office | [email protected] | (800) 260-7313