Immediate Action Needed: NYS Economic Development Grants, Loans and Tax Credits

On July 20, 2011, Governor Cuomo announced that up to $1 billion in economic development funding would be made available through a Consolidated Funding Application Process (CFA). The CFA is a fully electronic application process.

As of September 2, 2011, the NYS Consolidated Funding Application (CFA) was made available to eligible applicants. However, time is of the essence, as all applications to access this $1 billion have a deadline of 4 PM on October 31, 2011, with supporting documentation submitted by 4 PM on November 4, 2011.

Additionally, to support the Governor's plans to improve New York's business climate and stimulate economic growth, ten Regional Economic Development Council were created. These Regional Councils will use the CFA to work with eligible applicants to advance projects that demonstrate the greatest potential for job creation and economic opportunity.

Funding is currently available for the following projects:

• Affordable Housing
• Community and Waterfront Revitalization
• Direct Assistance to Businesses - with a very broad definition on use of funds
• Energy and Environmental Improvements
• Low-Cost Financing
• Municipal/Public Improvements
• Parks, Historic Preservation and Heritage Areas
• Sustainability Planning Assistance
• Transportation Infrastructure Workforce Development - grants to train current workers or newly hired employees.

A description of each program is available at: https://apps.cio.ny.gov/apps/cfa/contractReporter.cfm

For help on the CFA application process, please visit: http://nyworks.ny.gov

For additional information please contact Cheryl Prout, CPA or Bob Kriner, CPA at Gaines Kriner Elliott LLP at (716) 250.6600.

The WNY Empire State Development Corporation office may be contacted at (716) 846.8240, or email Diego Sirianni, Project Specialist at dsirianni@empire.state.ny.us.

© 2011 Gaines Kriner Elliott LLP