New York State has launched Round XIV of the Regional Economic Development Council Initiative. This year there is $445 million in core capital grant and tax-credit funding for which applicants can apply.
Along with programs from eight state agencies, the funding includes $100 million from Empire State Development, which is available to projects on a rolling basis.
The councils, one of which includes Long Island, are encouraged to support projects that advance or address strategic state priorities. Those priorities include distressed communities, childcare, public-private partnerships as well as green buildings and sustainable development. Each council is tasked with creating an annual report that describes the state of their region.
“The latest round of the Regional Economic Development Council Initiative will continue the transformational work we’re doing throughout New York State,” Gov. Kathy Hochul said in a written statement.
“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,” Hochul added. “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.”
For the 2023-24 competition, 51 projects on Long Island were awarded an estimated $25 million. For the new round, which applicants can now apply for, Empire State Development is offering two new grant programs.
As much as $10 million will be available to long-standing manufacturers through the Small Manufacturer Modernization Grants Program. The program is designed to help these manufacturers modernize and integrate advanced technologies. Grant awards will range from $50,000 to $250,000.
As much as $40 million will be available to municipalities, counties and not-for-profits through the new Capital Improvement Grants for Pro-Housing Communities Program. This funding is designed to support capital improvement and placemaking projects that are located within “pro-housing communities,” which are areas that are certified by Homes & Community Renewal and can apply for discretionary funding programs including from the Long Island Investment Fund. Grant awards will range from $100,000 to $3,000,000.
Through a second round of the Not-for-Profit Capital Grant Program, up to $5 million is 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.
On Long Island, a workshop will be held on June 10, at 10 a.m. at Farmingdale State College to explain the application process, and to provide information about the programs and additional resources and funding available. To register, click here . Additional workshops will be held throughout the state.
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