$2.3 Billion Tax-Funded Grant to Renovate JFK International Airport Awarded Exclusively to Minority and Women-Owned Enterprises
Assemblymember Alicia Hyndman during the press conference (Credit: Port Authority New York & New Jersey)
Governor Kathy Hochul announced that a $2.3 billion tax-funded grant in redevelopment contracts for JFK International Airport has been awarded exclusively to minority and women-owned business enterprises (MWBE).
MWBE stands for Minority/Women-Owned Business Enterprise. It’s a certification issued by the state that gives developmental benefits to businesses that are primarily owned and operated by a woman or a person who is at least 25% African American, Asian, Hispanic, or Native American. If the business is publicly traded, the stock must also be at least 51% minority-owned.
The move, which marks the largest participation of MWBE firms in any public-private partnership in New York’s history,
