Refinancing of Tax-Exempt and Taxable Bonds Through City of Albany Capital Resource Corporation to Support Avila Retirement Community Improvements and Long-Term Sustainability

February 25, 2026

View Announcement Press Release 

Financing made possible with the issuance of up to $30 million in tax-exempt and taxable bonds will support the Avila Retirement Community, allowing for the refinancing of existing debt and funding of capital improvements to the retirement community’s independent living campus located at 100 White Pine Drive in Albany.

The bond issuance made possible with support from the City of Albany Capital Resource Corporation (CRC) will refinance bonds originally issued to support the construction of the Avila Retirement Community’s residential buildings and shared amenities. This financing will also support planned capital improvements and upgrades across the campus, including enhancements to building infrastructure, mechanical systems, common areas, and residential facilities. These investments will strengthen the retirement community’s long-term financial sustainability and support its continued ability to serve senior residents while maintaining and modernizing its existing facilities.

Today, the City of Albany CRC board approved Teresian House Housing Corporation’s application for assistance in the form of the conduit issuance of tax-exempt and taxable bonds totaling up to $30 million. The transaction brings new investment to the City of Albany as the CRC board may utilize administrative fees collected as funding for future strategic economic development initiatives.

Since 2016 the City of Albany CRC has utilized funds to support multiple strategic community revitalization initiatives including the City of Albany Small Business Façade Improvement Program, the Amplify Albany, Downtown Albany Retail and Neighborhood Retail grant programs administered by Capitalize Albany Corporation.

Since 2010, the City of Albany Capital Resource Corporation has served as a resource for Albany’s nonprofits, and area institutions. In utilizing the local option for the issuance of tax-exempt and taxable bonds, Capital Region institutions are investing back into the community while strengthening their operations and facilities.