WFUV, Fordham University's non-commercial radio station serving the NYC market, has announced the award of a $500,000 grant from the New York State Music Fund. The money is intended to fund development of an eclectic HD multicast format designed to target listeners in the sought after 20-to-30-year-old demographic.

WFUV General Manager Ralph Jennings says the new channel will reflect a diverse blend of indie, electronica, world, dance and other musical forms with a presentation aimed at upscale, educated young people in their 20s and early 30s -- a demographic some observers claim has all but abandoned radio. The station plans to develop the service with inputs from artists, labels, writers, websites, bloggers and venues across the city. Programmers will employ an "emerging generation of radio talent for its new air staff, young New Yorkers with a passion for hearing, sharing and discussing music" according to a WFUV press release.

The New York State Music Fund was created when then New York State Attorney General Elliot Spitzer's office settled multiple cases against major record labels accused of payola. The agreement stipulated that settlement funds received by the state funds be used to support music education and appreciation for the benefit of New York State residents.

WFUV management says the $500,000 grant will cover approximately half of the total development, marketing and rollout costs for the new program stream, which will also be carried on the Web.