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Interest in living in downtown Albany is growing, as people desire to reside close to diverse entertainment, cultural activities and the Hudson Riverfront. As the City continues to build attractions such as the restored Palace Theatre and first-class restaurants, more people want to work and live downtown.  In the last year, more over two-dozen new apartments have come on the market in Downtown Albany.

There are tremendous development opportunities in downtown Albany. Capitalize Albany; the City’s economic development strategy is working to bring significant investment and new activity to downtown and throughout the City of Albany. Since Capitalize Albany was established in 1996 over $6 billion has been invested in to the City. The next phase of the plan is in the works, which includes diversifying the downtown economy – adding residential, expanding the next phase of the riverfront, and attracting retail.

Financing for commercial and entrepreneurial residential developments can be secured through a variety of programs including City of Albany Empire Zone Program, the Capitalize Albany Corporation, Community Preservation Corporation, Empire State Development Corporation, Albany Industrial Development Agency, New York Office of Parks, Recreation & Historic Preservation, and the New York State Energy Research and Development Authority. These agencies administer a number of loan funds and offer tax incentives to assist in the development of both commercial and non-commercial residential projects.