As Follow-up to 2023 Budget Announcement, State will Partner with Private Funders and Municipal Governments to Invest in Economically Distressed Locations in Each City
Governor Kathy Hochul today released details for the Regional Revitalization Partnership, a multi-year collaborative initiative between New York State's Empire State Development, local municipalities and private philanthropic partners. Components of the RRP, which will target economically distressed city neighborhoods in Buffalo, Niagara Falls and Rochester, were initially announced on April 25, 2022 by Governor Hochul as part of the Fiscal Year 2023 New York State budget. A summary of the RRP's strategies, implementation approach, projects, programs and targeted geographic areas is available here.
"This public-private partnership will be a catalyst for economic development throughout these communities, and will serve as a model for cities across the nation," Governor Hochul said. "As we build back better than ever from the COVID pandemic, this holistic strategy will help lift up the most underserved neighborhoods in Buffalo, Niagara Falls and Rochester. New York State will continue to take bold action to transform communities and build a stronger, fairer future for all New Yorkers."
New York State Empire State Development Commissioner and President & CEO Hope Knight said, "Investing in this coordinated, collaborative, strategic approach will maximize the benefits and reach of each state dollar invested. This ambitious community effort will lead to transformational projects for these city neighborhoods and serve as a model that can be replicated throughout New York State."
Developed through a collaborative effort throughout 2021, the RRP is a $300 million private and public regional co-investment in three interconnected geographic areas: Buffalo, Niagara Falls and Rochester. This community-driven strategy seeks to build local wealth and empower residents using a model that drives economic development through government and philanthropy partnerships.