NYS Budget: Economic growth & social progress

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Prevailing Wage

ALBANY, N.Y. (NEWS10) — A requirement for workers on private projects receiving a large public subsidiary will be paid a prevailing wage has been included in the 2021 NYS budget.

Private projects larger than $5 million where at least 30 percent of construction expenses are supported by public grants, tax credits, or certain other incentives will be required to pay prevailing wage which extends important worker protections to even more components of New York’s largest-in-the-nation building program.

Making the New York Buy American Act Permanent 

The Buy American Act, which is set to expire in April 2020, will now be a permanent fixture in New York State.

The Buy American Act requires State agencies to use high-quality American-made structural iron and steel. This legislation continues to support the State’s steel and iron industry, create union jobs, and ensure New York’s infrastructure projects will last far into the future.

Expanding Access to Safe and Affordable Financial Services

The 2021 NYS budget includes investing $25 million in new funding over five years to support New York’s Community Development Financial Institutions Fund, expanding access to safe and affordable banking services, credit, and financial education. CDFIs are often the sole providers of banking services in low-income areas and underserved communities across the state.

CDFI’S will reportedly leverage the funding to an aggregate $300 million in targeted investments in these low-income communities.

The funding is part of Gov. Cuomo’s financial access and inclusion agenda building on the work his administration has done to expand access to safe and affordable banking services, credit, and financial education.

The budget also creates a statewide Office of Financial Inclusion and Empowerment based at the Department of Financial Services, to meet the financial service needs of low- and middle-income New Yorkers across the state.

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