Last updated on June 5th, 2023
With less than 20% of the Infrastructure Investment and Jobs Act (IIJA) funds being allocated since the $1.2 trillion legislation was signed into law on November 15, 2021 (according to ConstructionDive.com), some of the novelty about potential construction opportunities has waned. However, a renewed effort to hasten IIJA funding, the newly approved NYS 2023 Fiscal Budget, and upcoming funding opportunities may be just what’s needed to get projects off the ground.
In a press release issued on May 19th, the New York Building Congress launched the Infrastructure Action Council (IAC) to drive infrastructure advocacy by meeting with government leaders in Albany and Washington D.C. to get shovels in the ground.
According to Carlo A. Scissura, Esq., President and CEO of the New York Building Congress, “More than a year and a half since President Biden’s signing of the historic $1.2 trillion Infrastructure Investment and Jobs Act, we’re still sitting on billions of unspent federal dollars that we can use to improve the lives of millions of Americans.” He continues, “The Infrastructure Action Council unites leading voices in our nation’s building industry to advance our ongoing efforts to fund transformative projects across the state.”
Just a few weeks earlier, New York’s 2024 Fiscal Year budget was approved and although a proposed housing compact didn’t make it in, there is $23.2 billion allocated for key capital projects across the state, including:
- $1.3 billion for road and bridge projects
- $417 billion for Bronx River Parkway upgrades and bridge replacements
- $43 million to replace the US Route 20 bridge over Cazenovia Creek
- $51 million for rehabilitation and replacement of Hudson Valley Bridge
- $2.4 billion to maintain and upgrade SUNY/CUNY campuses
- $1.7 billion towards the Wadsworth health facility – a new public health lab on the Harriman State Office Campus Complex in Albany
- $890 million for expanding mental health housing
- $500 million to help deliver clean water to NY communities
- $455 million for the Belmont Redevelopment Project
- $400 million to the Environmental Protection Fund
- $224 million for the South Shore Staten Island Seawall
- $150 million to Regional Economic Development Councils
- $135 for NYC’s Housing Authority
- $105 million for State Emergency Operations Center upgrades
- $100 million to buy and renovate a new State Police satellite crime lab
- $50 million to fund a Homeowner Stabilization Fund for home repairs in 10 low-income communities
- $30 million towards NY aquaria, botanical gardens, and zoos
- $17.5 million for the Mamaroneck/Sheldrake River Flood Risk Management Project
(Source: MacLennan, Robin. FY 2024 budget includes $23.2 billion for capital projects across NY. May 5, 2023. NewYorkConstructionReport.com.)
Concurrently, NY funding opportunities have been announced for the Mid-Hudson Momentum Fund (here are the guidelines and application) and Round XIII of the Regional Economic Development Council initiative. The consolidated funding application for 30 different programs is available here; the deadline is July 28 @ 4 p.m. Be sure to visit the Mid-Hudson Regional Economic Development Council webpage for more information and resources, and to sign up for informational webinars underway.
While you’re identifying and evaluating opportunities for your construction company, 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.