Refinancing of Tax-Exempt Bonds Through City Of Albany Capital Resource Corporation To Support Albany College of Pharmacy And Health Sciences

October 20, 2022

View Announcement Press Release

The refinancing of the Albany College of Pharmacy and Health Sciences’ (ACPHS) previously issued 2007A and 2008A tax-exempt bonds will in part support the institution in taking ownership of student housing facilities which were projects supported by the initial bonds issued. This will create administrative efficiencies and support savings, allowing ACPHS to further reinvest and strengthen opportunities for tis students and staff.

On Thursday, the City of Albany Capital Resource Corporation (CRC) board approved ACPHS’ application for assistance in the form of refinancing and the reissuance of its 2007A and 2008A bonds totaling up to $8.7 million. The anticipated $23,000 in fees collected by the CRC for the transaction are planned to be used to fund future strategic revitalization initiatives.

The reissued bonds were initially issued by the City of Albany IDA prior to the formation of a CRC. Since 2010, the City of Albany CRC has served as a resource for Albany’s not-for-profits, including its world-class higher-education institutions. In utilizing the local option, the City of Albany CRC, for the issuance of tax-exempt bonds—Capital Region anchor institutions are investing back into the community.

The CRC has consistently utilized fees generated by the projects assisted to support the creation and sustainability of strategic community revitalization programs including the City of Albany Small Business Facade Improvement Program, the Amplify Albany grant program, the Downtown Albany Retail Grant Program and Neighborhood Retail Grant Program.