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Governor Hochul Launches Round XIV Regional Economic Development Council Initiative

New York State Consolidated Funding Application Now Open With Available Funding from More Than 20 Programs

New Capital Grant Program Will Award Funds to Projects Located in Pro-Housing Certified Communities

New Program to Support Small Manufacturers Throughout the State

Governor Kathy Hochul today announced the launch of Round XIV of the Regional Economic Development Council Initiative. Round XIV includes $445 million in core capital grant and tax-credit funding combined with a wide range of programs from eight state agencies, including $100 million in grant funds from Empire State Development (ESD), available to projects on a continuous basis. The Councils are encouraged to support projects that advance or address strategic state priorities - including distressed communities, childcare, innovative public-partnerships, and green buildings and sustainable development. Projects that promote these goals will be eligible for an enhanced inventive.

“The latest round of the Regional Economic Development Council Initiative will continue the transformational work we’re doing throughout New York State,” Governor Hochul said. “Our state investments will fund projects in pro-housing certified communities and beyond that will encourage public-private partnerships and make a difference in the daily lives of New Yorkers. I look forward to seeing plans that will support small manufacturers, broaden access to childcare, help build a sustainable future and pave the way to opportunity.”

“With this latest round of the Regional Economic Development Council Initiative, the REDCs are once again embracing the challenge to improve their regions through projects that best address region-specific needs and build on local assets,” said Lieutenant Governor Antonio Delgado. “With this year’s additional funding, aimed at helping small manufacturers, nonprofits, and supporting the Governor’s housing and community revitalization goals, we are continually reassessing New Yorkers’ needs and will answering them with actionable plans.”

In Round XIV, ESD is launching two new grant programs: the Capital Improvement Grants for Pro-Housing Communities Program and the Small Manufacturer Modernization Grants Program. Up to $40 million will be available to municipalities, counties and not for profits through the Capital Improvement Grants for Pro-Housing Communities Program, to support capital improvement and placemaking projects located within pro-housing communities that are certified by Homes & Community Renewal. The program is designed to directly support local participation in Governor Hochul’s Pro-Housing Communities Program to invest in and create more vibrant communities throughout New York State. Grant awards will range from $100,000 to $3,000,000.

Up to $10 million will be available through the Small Manufacturer Modernization Grants Program, which will award grant funds to small legacy manufacturers across the state to invest in modernization and integration of advanced technologies. Grant awards will range from $50,000 to $250,000.

$100 million in ESD grant funds will be made available on a rolling basis, with awards made throughout the year. This year, municipal applicants must be a certified Pro-Housing Community.

Additionally, a second round of the Not-for-Profit Capital Grant Program will make up to $5 million available to award matching fund grants to not-for-profit organizations that provide economic and community benefits in their region to assist with facility improvements and upgrades. Grant awards will range from $25,000 to $100,000.

Empire State Development President, CEO and Commissioner Hope Knight said, “From legacy programs like Excelsior and Market New York, to new funding that supports small manufacturers and pro-housing communities, Round XIV will continue to advance the state's economic priorities on a local scale through the Regional Councils. The multi-agency funding available through this new round of the REDC initiative will help New York State generate new investments and economic growth throughout New York State.”

Read the full press release here.