City of Albany Projects Receive $16.2 Million from Regional Economic Development Council (REDC) Initiative Round 9

December 19, 2019

Click Here To View The Announcement’s Press Release 

The New York State Regional Economic Development Council (REDC) initiative awarded projects that will support new investment and activity in the City of Albany with approximately $16.2 million ($16,274,223) in funding Thursday. Overall, the Capital Region was a top performer and awarded a total of $84.1 million in funding for 120 projects. Of these 120 projects, 14 directly benefit activities within the City of Albany and will catalyze strategic initiatives and job creation.

“This year’s Regional Economic Development Council funding will allow Albany and the Region to continue to harness opportunities for economic growth,” said Albany Mayor Kathy Sheehan. “This new funding, coupled with Albany’s $10 million Downtown Revitalization Initiative award, will help facilitate the transformative redevelopment underway in New York’s Capital City. Thank you to Governor Cuomo for the investments he has made through this year’s Round Nine Regional Council initiative that help continue to unleash Albany’s and the Region’s potential.”

“A strong set of competitive projects throughout the City of Albany have met Governor Cuomo’s and the Regional Council’s challenge this year — bringing the total amount of CFA funding awarded to citywide projects through nine rounds to more than $100 million, now totaling — $112.9 million ($112,954,396),” said Capitalize Albany Corporation president Sarah Reginelli. “This round’s diverse and exciting projects will support and leverage more than $70 million of strategic investments that will have an incredible impact on the capital city’s building momentum and strengthen Albany’s economic vitality.” 

As part of the Regional Economic Development Council Initiative, prior to this year’s round the Capital Region was awarded $67 million in round VIII, $85 million in round VII, $83.1 million in Round VI, $98.1 million in Round V, $60 million in Round IV, $82.8 million in Round III, $50.3 million in Round II and nearly $63 million in Round I.

To learn about the awarded projects that will support new investment and activity in the City of Albany, click here or view the 2019 REDC Awards Booklet: