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The program has been known as RAISE since 2021, and has awarded 90 projects across 47 states plus the District of Columbia and Guam in 2021, 166 projects across 50 states and various territories in 2022, and 162 projects across 50 states and various territories in 2023. [11] In 2023, the program received $2.2 billion in federal funding. [12]
The New York State Urban Development Corporation (UDC) was created in 1968 by the New York State Urban Development Corporation Act. [1] [7] On August 31, 1987, the Omnibus Economic Development Act created the state Department of Economic Development (DED). [7]
Retirees looking to invest in long-life cash flow-generative assets to help bolster their portfolio’s dividend growth and diversification may wish to check out some of the infrastructure plays.
The state of California discontinued the use of TIF financing due to lawsuits in 2011, and enacted the California Fiscal Emergency Proclamation 2010, thereby ending the diversion of property tax revenues from public funding, including the use of TIFs for the funding of the nearly 400 redevelopment agencies in the state.
The redevelopment of large sections of New York City and New York State by Robert Moses between the 1930s and the 1970s was a notable and prominent example of urban redevelopment. Moses directed the construction of new bridges , highways , housing projects , and public parks .
[32] The MTA and Governor Pataki supported East Side Access and the Second Avenue Subway, both of which involved building new railroad infrastructure on the East Side. [33] In 2002, Congress allocated $132 million for infrastructure projects in New York State, including $14.7 million for East Side Access. [34]
[4] [5] The area is the site of a large-scale redevelopment program that is being planned, funded, and constructed under a set of agreements among the State of New York, City of New York, and Metropolitan Transportation Authority (MTA), with the aim of expanding the Midtown Manhattan business district westward to the Hudson River.
Also in 2017, New York Republican John Faso introduced a bill, H.R. 3977: The Infrastructure Bank for America Act of 2017, which would have established a federally chartered bank to invest in infrastructure projects throughout the country.