Round 11 of Regional Economic Development Council Activities and CFA Awards Launched

 In News

More than $750 million in economic development resources will be awarded this year in round 11 of Governor Cuomo’s regional approach to encouraging growth. The Consolidated Funding Application, through which grants will be awarded, opened May 10 and will close July 30 at 4 pm. Please note that REDCs typically set an earlier deadline for proposals to be considered and potentially endorsed as priority projects. There are also economic development funds to be awarded through ESDC, NYSERDA, NYPA and IDAs, outside of this deadline. Round 11 includes:

  • $525 million in funds from various state agencies
  • $150 million for capital projects recommended by REDCs as priority projects
  • $75 million in Excelsior Tax Credits

Review available funds here:

https://regionalcouncils.ny.gov/sites/default/files/2021-05/2021_Resources_Available_Guide.pdf

Learn more about how REDCs will evaluate projects and update regional strategic plans here:

https://regionalcouncils.ny.gov/sites/default/files/2021-05/2021REDCGuidebook_Final.pdf

If you are not familiar with the areas of investment identified by the REDC in your area, we recommend you review information in the “Regions” section of this site:

https://regionalcouncils.ny.gov

The same site includes a database of projects awarded funds through the CFA in previous rounds and can be helpful in determining the type of project and amount of funding for which you may want to apply.

Members of the Brown & Weinraub team who have worked on CFAs in government, as staff to regional councils and on behalf of clients can provide guidance as needed.

Read the Governor’s Press Release here:

https://www.governor.ny.gov/news/governor-cuomo-launches-new-decade-regional-economic-development-council-initiative