REDC Initiative

Background

The 2026 REDC Initiative is part of New York State's efforts to enhance economic development through the Regional Economic Development Councils (REDCs) and the Consolidated Funding Application (CFA). This initiative aims to implement regional strategic plans and invest in significant economic development projects. The core funding includes $135 million in grants and tax credits aimed at supporting high-value regional priority projects, alongside additional funding from various state agencies. The initiative emphasizes collaboration among eight state agencies to ensure resources are effectively allocated for community revitalization and business growth.

Work Details

The initiative provides up to $135 million in grants and tax credits for various economic development projects across New York State. Funding is available through multiple programs from eight state agencies, including Empire State Development, 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. Key programs include: - Up to $60 million for Regional Council Capital Funds (including Market New York capital funding). - Up to $29.2 million for Community Development Block Grant Program - Public Infrastructure. - Up to $28.75 million for Environmental Protection Fund Grants Program. - Up to $20.775 million for Local Waterfront Revitalization Program. - Up to $25 million for Building Cleaner Communities Competition. Additionally, there are specific goals for Minority/Women Business Enterprises (MWBE) at 30% and Service-Disabled Veteran-Owned Businesses (SDVOB) at 6%.

Period of Performance

The funding is available through an open enrollment process with applications accepted on an ongoing basis until July 31st, 2026.

Place of Performance

Projects funded under this initiative will be implemented throughout New York State as per the strategic plans developed by each Regional Economic Development Council.

Bidder Requirements

Applicants must comply with New York State Executive Law Articles 15-A and Article 3 regarding MWBE and SDVOB participation. They must demonstrate good faith efforts to achieve participation goals set for their specific project. Eligible applicants include for-profit businesses, not-for-profit corporations, local development corporations, municipalities, and other entities involved in economic development.