Capital Region Opportunity Zones- Additional Federal Funding Opportunity
There has been a general buzz regarding Opportunity Zones which were designated in the Tax Cuts and Jobs Act of 2017 and have been “activated” in the past few months. Opportunity Zones are tax incentives to encourage those with capital gains to invest in low-income and undercapitalized communities.
The Capital Region features designated zones in Albany, Rensselaer, Troy, Schenectady and Corinth. https://esd.ny.gov/opportunity-zones
Currently, the US Economic Development Administration (EDA)’S PUBLIC WORKS AND ECONOMIC ADJUSTMENT ASSISTANCE PROGRAMS are open to accept eligible project applications within Opportunity Zones, or other potential locations within the region.
Generally this program provides up to 50 percent grant of total project cost, with a required 50 percent local match. HOWEVER, in Opportunity Zones, the grant provided by EDA can potentially be up to 80 percent of total project cost, with 20 percent match required.
CDRPC serves as the designated federal economic development district and local contact for EDA programs and coordination. Please contact Kate Maynard, AICP with questions or to discuss potential eligible projects within or outside of Opportunity Zones, or that may otherwise meet EDA funding criteria.
The HVCC Manufacturing Center, currently under construction, received a $1.5 million EDA grant through the Public Works Program.
EDA provides strategic investments on a competitive merit basis to support economic development, foster job creation, and attract private investment in economically distressed areas of the United States. EDA solicits applications from applicants in order to provide investments that support construction, non-construction, planning, technical assistance, and revolving loan fund projects under EDA’s Public Works program and EAA program.