Attachment 3: State Economic Development Initiatives Benefiting New York City
The 2008-09 Executive Budget includes a number of economic development initiatives that will benefit the City of New York. Specifically, the City will receive or share in the following:
- A $300 million Housing Opportunity Fund
- $525 million for the Moynihan Station and other transit improvements
- $45 million in support for Governor’s Island and Hudson River Park
- $200 million in for a new Downstate Revitalization Fund.
- A new $150 million Investment Opportunity Fund.
- A new $40 million New York State Arts and Cultural Capital Grants Program.
- $30 million for parks infrastructure.
- $147 million for additional MTA funding, a 6 percent increase in operating aid. The New York City Transit Authority will receive a $98 million, or 5 percent increase, and the MTA's commuter railroads will receive a $49 million, or 7 percent increase.
- In addition to these operating funds, the MTA will also receive new 2008-09 Bond Act appropriation of $487 million. These funds will be available for projects such as East Side Access and the 2nd Avenue Subway.