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Up to $750 Million Available Through Second Round of Regional Economic Development Councils
On May 3rd, Governor Andrew M. Cuomo announced that up to $750 million in state funding and tax incentives will be awarded through the second round of Regional Economic Development Councils to support economic development, strategic plan implementation and job creation across the state. The second Regional Council competition will focus on the implementation of each region's strategic plan and identifying and investing in locally significant priority projects.
Last year, Governor Cuomo launched the ten Regional Councils and the Consolidated Funding Application (CFA). These innovations transformed the way the state invests in economic development and job creation, stimulating economic growth through a comprehensive, community-based strategic planning process that identified regionally significant projects through a streamlined application process. In December 2011, after months of consideration by the Regional Councils and input at more than one hundred public meetings, forums and community workshops, $785 million was awarded for job creation and priority projects consistent with each region’s strategic plans. GIGP funding allocated $20 million to twenty-seven projects through this process. To view a list of funded projects, please click here.
The CFA enables businesses and other entities to apply to multiple agency funding sources through a single, web-based application. The 2012 CFA will provide access to $530 million in economic development resources from 21 programs across a dozen state agencies, including: Empire State Development; NYS Canal Corporation; NYS Energy Research and Development Authority; Environmental Facilities Corporation; Homes and Community Renewal; Department of Labor; Parks, Recreation and Historic Preservation; Department of State; New York Power Authority; Agriculture and Markets; Department of Environment Conservation; and Council on the Arts. The agency programs provide resources for projects focused on community development, direct assistance to business, waterfront revitalization, energy and environmental improvements, sustainability, workforce development, agricultural economic development and low-cost financing.
The CFA is now open to applicants. CFAs will be reviewed by the local Regional Council based on its alignment with the strategic plan and will be reviewed on a technical basis by agencies from which the applicant may be eligible for funding.
To maximize participation in the process and ensure high-quality applications, public workshops will be held in each region of the state to explain the programs and eligibility standards, as well as recent improvements to the CFA application process. To RSVP to a workshop, click here.
Application Materials, 2012 Regional Council Guidebook, CFA Available Resource Guide and a Calendar of CFA Workshops are available online by clicking here.
The EFC programs included in the initiative is the Green Innovation Grant Program (GIGP 4) and the Clean Water State Revolving Fund (CWSRF) Engineering Planning Grant. All applicants are strongly encouraged to work with their Regional Council to align their project with regional goals and priorities. In scoring GIGP 4 and CWSRF Engineering Planning Grant projects, EFC will be awarding additional points to those projects that are recommended by their Regional Council. Each Regional Council will review and advise EFC regarding these applications.
Key Dates:
May 3, 2012- CFA Available
July 16, 2012: 4:00 PM- Deadline for Receipt of Complete CFAs
August 2012- Regional Councils Score Projects
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