New York State Awarded $696 Million In Race To The Top Funds

At separate news conferences, Governor David Paterson and Mayor Michael Bloomberg announced that the state came in second place, just behind Massachusetts, and praised the efforts of all who made it possible.

The state will be rewarded up to $696 million over four years. More than 50 percent of that money is supposed to be going directly to the school districts.

"What we will receive today in this award is that it will go a long way to assure that students across the state, from our rural areas to our urban centers, receive the quality education that they all deserve," said Paterson.

Paterson said the money will be used to help ensure academic success and keep high standards during this difficult economic time.

Bloomberg said the real winners here are the millions of the city's public schools students. He says he anticipates that nearly $300 million of the funds will come to the city.