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New York has unveiled a $1 billion economic-development initiative that will draw funding from a consolidated pool of existing programs.
Under the new process, 10 regional economic councils will be able to apply for state funding to support worthy projects using a new consolidated funding application (CFA), making the projects eligible for grant money and tax credits from dozens of existing programs. The combined pool of funding totals $1 billion.
Nine state agencies and authorities have made funding available through the state’s new CFA process. Those funding the initiative include Empire State Development, New York State Canal Corp., New York State Energy Research and Development Authority, Environmental Facilities Corp., Homes and Community Renewal, Department of Labor, Department of State, and Department of Transportation, and Parks, Recreation and Historic Preservation.
In the past, funding has been supported by several different agencies and sources across state government, without any mechanism to coordinate allocations, the governor’s office said. The CFA will now be accepted as a “threshold application” for multiple state funding sources.
“Today’s action unlocks $1 billion in economic development and job creation in every region of the state,” Gov. Andrew Cuomo said. “We are redesigning and streamlining the way economic development projects in New York receive state aid to ensure that the best projects with the most potential for regional economic growth receive the support they need.”
Cuomo said the 10 regional councils “will change a top-down development model to a community-based approach that emphasizes regions’ unique assets, harnesses local expertise and empowers each region to set plans and priorities.“
Currently, New York’s development efforts are managed through dozens of separate state and local agencies. The regional councils will be chaired by Lt.Gov. Bob Duffy and will be led by two vice chairpersons from the business and academic community. Additional membership is comprised of local leaders from business, academia, labor, agriculture, nonprofits and community-based organizations.”