Now that the debt ceiling crisis has been averted, there’s time to focus on other things – like upcoming funding opportunities through the Mid-Hudson Momentum Fund and regional economic development councils (REDCs). With July 28 at 4 p.m. as the deadline for both, here’s what to know and do…
New! Mid-Hudson Momentum Fund (MHMF)
Introduced this year, the Mid-Hudson REDC – representing Dutchess, Orange, Putnam, Rockland, Ulster, Sullivan, and Westchester – will award up to $150 million for infrastructure, transit-oriented development (TOD), and mixed-use housing project investments aligning with the council’s regional strategy.
Eligible applicants include municipalities, non-profit organizations, for-profit companies, and public benefit corporations (i.e., IDAs and LDCs). Eligible projects include facility rehabilitation, construction, and expansion; design/engineering for construction; infrastructure and site development; and equipment and machinery.
Ideal projects are those that can begin quickly, have community support, leverage non-state investment, are financially sound, and/or will result in increased affordable housing. For complete details, see the program guidelines and application.
REDC Funding Opportunities
The Consolidated Funding Application (CFA) opened on May 15, providing access to apply for funding – in the form of capital or tax credits – from up to 30 different programs (depending on eligibility). This year, there are two new micro-grant programs – each will reward up to $5 million in grants:
- Craft Beverage Microgrant Program providing $25,000 to $50,000 grants for equipment purchases and facility upgrades.
- Not-for-Profit Capital Grant Program providing matching grants ranging from $25,000 to $100,000 for facility improvements and upgrades.
REDCs are encouraged to support projects that advance state priorities. This includes childcare, distressed communities, green buildings, sustainable development, and innovative public-private partnerships. Also, REDCs have been instructed to update their economic and development plans to confirm growth priorities, define resource deployment, and map out how goals will be achieved. As part of this process, each REDC will pick one challenge and develop proposed creative and innovative solutions; up to three REDCs will receive up to $10 million in funding to execute their proposals.
For more information, including a guidebook, summary of grants, an application manual, informational webinars, and more, click here.
While you’re identifying and applying for potential funding, remember, RBT CPAs is here to lighten your load by providing accounting, tax, audit, and advisory services. We’ve been proudly serving the Hudson Valley (and beyond) for over 55 years and complete all work locally – we never outsource or offshore. To learn more about how RBT CPAs can support and contribute to your success, give us a call.