Regional Economic Development Councils Initiative Round XI CFA Process Now Open

May 11, 2021

Governor Cuomo’s transformative Regional Economic Development Councils Round XI consolidated funding application (CFA) process was announced today, the application portal is now open and Capitalize Albany staff is available to assist applicants. The 2021 funding round includes more than $750 million in state economic development resources. 

Round XI core funding includes $225 million in grants and tax credits to fund high value regional priority projects. The Budget also makes over $525 million in resources from state agencies available to support community revitalization and business growth consistent with the existing REDC plans through the CFA process. In 2021, the CREDC will also be competing for a share of Empire State Development’s $150 million Capital Funds Program and $75 million Excelsior Tax Credits on a new rolling competitive basis in order to expedite recovery and support economic development efforts throughout the year.

Capitalize Albany Corporation is available to assist local applicants. Our staff will coordinate letters of support from the Mayor and resolutions from the City of Albany Common Council when required. More information on that process will be made available. All final applications must be submitted to the State by 4 p.m. on July 30.

Important Resources:

Contact Capitalize Albany staff at development@capitalizealbany.com with any questions regarding the above information. You can also learn more by visiting http://regionalcouncils.ny.gov/ and the Capital Region Council’s website at https://regionalcouncils.ny.gov/capital-region.