Governor Kathy Hochul has announced a significant $100 million investment to boost child care options across the state. This initiative includes two major components: $50 million in capital funding and $50 million in business tax credits.
The capital funding will be used to grant new child care centers and registered school-age programs the means to either expand or construct new facilities. This effort is part of a broader $7 billion state investment aimed at making child care more accessible and affordable for New York families over the next four years.
The second part of the initiative offers $50 million in tax credits to businesses that establish or increase infant and toddler child care facilities for their employees. This can be done either directly by the business or through a third-party provider.
Governor Hochul emphasized the importance of quality child care for the safety and educational development of children in New York. The Childcare Capital Program (CCCP) will award grants ranging from $500,000 to $1.5 million to eligible providers for projects related to designing, constructing, or expanding child care centers. This funding will be divided, with 60% allocated to the downstate region and 40% to other areas of the state.
To be eligible for the CCCP grant, applicants must prequalify through New York State Grants Gateway. The final deadline for applications is May 22, with announcements of awards expected on or after July 15.
Additionally, the state is offering $25 million annually for two years in the Childcare Creation and Expansion Tax Credit. This credit is available to New York businesses that provide new licensed child care seats for their employees’ infants or toddlers. Applications for the 2023 tax credit open on January 1 and close on January 31.
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