Earlier in April the New York State Legislature and Executive approved the 2022-2023 State Budget of $220 billion. The Executive Budget includes increased funding for the Department of State’s (DOS) programs that support community development such as the Downtown Revitalization Initiative, NY Forward, Brownfield Opportunity Area, Smart Growth Planning, the Environmental Protection Fund, and Local Waterfront Revitalization Initiative.
Here are some highlights from the Economic Development Programs:
- Regional Economic Development Councils (REDC) will continue to play a key role in regionally-driven strategies for economic growth.
- The Budget includes core funding of $225 million in grants and tax credits to fund high value regional priority projects to be made available throughout the year.
- A robust package of workforce development initiatives (up to $350 million) is also included.
- Downtown and community revitalization initiatives (up to $450 million) will continue to be coordinated with REDC-driven economic development strategies where appropriate.
- The Executive Budget provides $100 million for another round of the Downtown Revitalization Initiative.
- Additionally, to support a more equitable recovery across New York’s rural communities, the State will create and invest in the NY Forward program, designed to help smaller downtowns. The Executive Budget includes $100 million for the rural and smaller communities. Like the DRI program, NY Forward communities will be selected in partnership with the REDCs. The Department of State (DOS) will lead the community through an abbreviated planning process to develop a slate of readily implementable projects.
- ConnectALL initiative will invest in digital infrastructure, catalyzing over $1 billion in new public and private investments.
- The Executive Budget also includes $250 million for a revitalized Restore New York program to rehabilitate vacant, abandoned, condemned, or surplus properties.
To learn more, visit https://www.budget.ny.gov/pubs/archive/fy23/ex/index.html