Economic Development Awards Favor Western New York

New York State announced that the western region was the recipient of over $100 million in Economic Development funding from the State of New York. GAR Associates prepared a number of market studies in conjunction with the October 31, 2011 Consolidated Funding Application (CFA) put forth by the ten statewide Economic Development Councils. Four were awarded a more significant pool of funding, and the Western New York region was picked, as exemplified in a recent Buffalo News article.

Western New York Wins on State Development

GAR Associates prepared numerous market studies for the tax credit submission, and review of the Economic Development Council website indicates that we worked on market studies for a large ratio of the recipients that required market studies (outside of the downstate region). The allocations were more limited than typical, but it does appear that our work efforts helped to solidify funding for numerous projects including many referenced within the tagged article in the Buffalo News. The awards for the Economic Development Council can be found on here.

Although funding rounds for 2012 are not formally established, we are keeping apprised of development advancements with HCR, and are anticipating through our conversations with active participants that that there will be at least one if not two 2012 funding rounds, and we will be prepared to assist with the preparation of market analysis for any affordable housing projects that advance during the coming year.