(Mark your Calendars: RealShare NEW YORK at the Marriott Marquis on October 12.)

ALBANY-In an effort to incentivize regional collaboration and coordinate economic strategies within different counties, Governor Andrew M. Cuomo launched the creation of 10 new regional councils, a $1 billion initiative to spur job growth and development activity throughout the state. Under the new process, each council will be able to apply for state funding to support project they determine to be part of their regional strategy using a new Consolidated Funding Application (CFA), making the projects eligible for grant money and tax credits, according to the state.

Previously, funding for projects and regional plans was supported by several different state agencies, but now, the new CFA process will be accepted as a threshold application for multiple state funding sources, streamlining the process for each geographic area. The regional councils will be established in New York City, Long Island, the Capital District, Central New York, Finger Lakes Region, Mid-Hudson, Mohawk Valley, North Country, Southern Tier, and Western New York.