Cuomo Aims to Spur $3B in Storm Rebuilding

ALBANY-The Cuomo administration aims to generate billions of dollars' worth of private investment in community rebuilding across the state through the federal Community Reinvestment Act and the New York Rising Community Reconstruction Program. Under the plan, the loans coming from private financial institutions to support storm recovery efforts will be eligible for Community Reinvestment Act credit, an incentive that's expected to help spur an estimated $3.2 billion in private sector funding.

“Communities across New York State have been shaken by major storms in the past few years, and we must adapt to the new norm of extreme weather,” Gov. Andrew Cuomo said Wednesday. “State government is doing its part to bolster the storm recovery process with actions taken by multiple agencies to expedite projects and spur upwards of $3 billion in investment from the private sector. Many families and businesses are continuing to face the challenges brought about by these storms, but together we can build our communities back stronger than ever before.”

The state Department of Financial Services will also help connect banks interested in making CRA-eligible disaster area investments and loans with New York Rising Community projects in need of financing. Additionally, the Empire State Development Corp. will prioritize New York Rising Communities' proposals targeting storm-impacted businesses through the Community Development Financial Institution Assistance Program.

Further, the New York State Energy Research and Development Authority will prioritize and expedite New York Rising Community project applications for commercial/industrial energy efficiency projects. Among them are resiliency measures to minimize damage from future storms.

Similarly, the New York Power Authority will give preference to New York Rising Communities for initiatives aimed at energy sustainability. These include determining locations for public electric vehicle charging stations as part of the Charge NY program; supporting solar panel installations under the NY-Sun initiative; and prioritizing of energy efficiency projects at public buildings as part of the Build Smart NY program.