New York is launching a new round of regional economic development funding that will make up to $150 million available for large-scale projects designed to spur job creation and economic growth.
Gov. Kathy Hochul announced Monday the start of the 2026 Regional Economic Development Council initiative, which includes the second year of the state’s ACHIEVE competition and the opening of the annual Consolidated Funding Application process.
The ACHIEVE program, short for Advancing Collaboration for High-impact Initiatives for Economic Visions and Expansion, will allow eligible Regional Economic Development Councils to compete for major funding awards tied to transformative projects. Individual regions can seek up to $50 million for high-impact initiatives, while multi-region partnerships can compete for up to $75 million.
The competition builds on a program launched in 2025 that awarded funding to projects in Long Island, New York City, the Mohawk Valley and the Southern Tier. Those regions are now implementing their proposals and are not eligible to compete this year.
In addition to the ACHIEVE competition, New York has opened its Consolidated Funding Application portal, which provides access to grants and tax credits through more than 20 state programs administered by eight agencies and authorities. Up to $60 million in Regional Council Capital Funds will be available through the process.
Applications for programs subject to the deadline must be submitted by July 31 at 4 p.m. Regional councils will evaluate projects based on how well they align with local economic development goals and regional strategic plans.
Since the Regional Economic Development Council initiative began in 2011, the state says it has awarded more than $9 billion to over 11,000 projects focused on job creation, economic development and community revitalization across New York.
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