The NYS Regional Economic Development Council (REDC) Consolidated Funding Application (CFA) portal is now live and accepting applications, enabling businesses, municipalities, not-for-profits and the public to begin applying for assistance from dozens of state programs for job-creation and community development projects.
Round XI will award more than $750 million across all 10 REDC regions to Build Back Better in a Post-COVID Economic Recovery. Round XI includes two major components:
1) Empire State Development Capital Grants - Rolling Applications
Funding includes $225 million in grants and tax credits to support high value regional priority projects that will be considered on a rolling basis throughout the round by each of the 10 Regional Councils. This includes $150 million in capital grants from Empire State Development, available to projects on a continuous and competitive basis. In addition, $75 million in Excelsior Tax Credits will help attract and grow business in the region. An emphasis will be placed on project readiness and alignment with each region's strategic plan.
2) Other Participating State Agencies - July 30th Deadline for Submission
Projects from all 10 regions submitted through the CFA will be eligible for over $525 million in other state agency funds, which are available on a set timeline. Regional Economic Development Councils will review these projects and provide scores that reflect how well a project aligns with a region's goals and strategies. Deadline for applications to be submitted for projects in this category is July 30 at 4:00 p.m.
As part of Governor Cuomo's efforts to improve the State's economic development model, the Consolidated Funding Application was created to streamline and expedite the grant application process. The CFA serves as the single-entry point for access to economic development funding, ensuring applicants no longer have to slowly navigate multiple agencies and sources without any mechanism for coordination.