economic development

Funding Initiatives For Regional Economic Development Councils And Downtown Revitalization In 2021 Budget

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Economic Development Initiatives Will Create Jobs, Spur New Investment and Economic Activity and Help Revitalize Every Region of the State

Governor Andrew M. Cuomo has announced funding for a tenth round Regional Economic Development Councils and a fifth round of the Downtown Revitalization Initiative is included in the FY 2021 Executive Budget. These successful economic development initiatives have contributed to an Upstate renaissance with historic low unemployment rates while expanding opportunities for all New Yorkers to share in economic success by attracting new businesses, creating thousands of jobs and spurring new investment and economic activity, according to the Governor’s office.

“Our targeted economic development approach is working all across the State, creating new jobs, revitalizing communities and boosting local economies,” Governor Cuomo said. “This significant investment will be used to fund more rounds of the successful Downtown Revitalization Initiative and Regional Economic Development Councils and continue our State’s unprecedented growth.”

Launching Next Round of the Downtown Revitalization Initiative

The Downtown Revitalization Initiative is transforming downtown neighborhoods into vibrant communities where the next generation of New Yorkers will want to live, work and raise families. Participating communities are nominated by the State’s ten REDCs based on the downtown’s potential for transformation. Through four rounds of awards, each winning community was awarded $10 million to develop a downtown strategic investment plan and implement key catalytic projects that advance the community’s vision for revitalization. The FY 2021 Executive Budget provides $100 million for a fifth round of the Downtown Revitalization Program.

Continuing the Successful Regional Economic Development Councils

In 2011, Governor Cuomo established 10 Regional Economic Development Councils to develop long-term regional strategic economic development plans. Since then, the State has invested more than $6.9 billion through the REDCs, funding more than 8,300 projects and supporting more than 240,000 jobs across the state. The Executive Budget includes up to $750 million of grants and agency resources for a tenth round of REDC awards.