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NYS renews $445 million economic development initiative

  • / Updated:
  • Staff Report 

Governor Kathy Hochul announced the launch of Round XIV of the Regional Economic Development Council (REDC) Initiative, providing $445 million in grants and tax credits. This includes $100 million from Empire State Development (ESD) for ongoing project funding. The initiative encourages projects that support state priorities such as distressed communities, childcare, public-private partnerships, and sustainable development.

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Hochul emphasized the initiative’s role in funding pro-housing communities and projects that create opportunities for New Yorkers. Lieutenant Governor Antonio Delgado highlighted additional funding for small manufacturers and nonprofits, aligning with the state’s housing and community revitalization goals. The new grant programs include $40 million for capital improvements in pro-housing communities and $10 million for small manufacturer modernization.

ESD President Hope Knight noted that this funding would advance state economic priorities locally, fostering new investments and growth. The initiative continues to support regional stakeholders in developing strategic plans, with over $8 billion awarded to more than 9,900 projects since its inception.