New York State Contract Reporter #2136186

New York State REDC Initiative: $135M Grants & Tax Credits for Regional Economic Development Projects

Empire State Development is launching the 2026 Regional Economic Development Councils (REDC) Initiative to fund high-impact regional projects across New York State. - $135 million in grants and tax credits available for community revitalization and business growth - Funding is coordinated by Empire State Development and eight other state agencies - Agencies include NYS Canal Corporation, NYS Energy Research and Development Authority, Homes and Community Renewal, New York Power Authority, Office of Parks, Recreation and Historic Preservation, Department of Environmental Conservation, and Department of State - Projects must align with regional strategic plans and meet distribution standards for statewide funding - Applicants must comply with New York State participation goals: - 30% certified Minority and Women-Owned Business Enterprises (MWBE) - 6% Service-Disabled Veteran-Owned Businesses (SDVOB) - Opportunity is open to eligible projects throughout New York State - Detailed eligibility, scoring, and requirements are outlined in program guidelines

Description

The 2026 REDC Initiative focuses on implementing regional strategic plans and investing in significant economic development projects across New York State. It includes $135 million in grants and tax credits to fund high-value regional priority projects, combined with programs from eight state agencies. The initiative aims to support community revitalization and business growth consistent with REDC plans, with regional distribution standards to ensure statewide funding. Grants are subject to New York State laws promoting participation of minority, women-owned, and service-disabled veteran-owned businesses.

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