The City of Albany Industrial Development Agency (IDA) and Capital Resource Corporation (CRC) has four available forms of assistance for commercial real estate projects. the IDA can provide real property tax abatements, mortgage recording and NYS sales and use tax exemptions.

 

The City of Albany CRC can provide access to low interest tax-exempt and non-tax-exempt conduit bond financing for qualifying projects. CRC operations are funded by applicant fees which are able to be reinvested back into the City of Albany through strategic programming and agreements with Capitalize Albany by supporting its grant programs. Choosing the local option for access to this financing allows your organization to further reinvest in the community.

 

As the City of Albany’s economic development organization, Capitalize Albany Corporation’s staff provides administrative support to the IDA/CRC under a professional services agreement with its senior staff serving as Agency officers.

 

485-a Residential-Commercial Urban Exemption Section 485-a of the Real Property Tax Law authorizes a declining 12-year partial exemption from real property taxation and special levies for non-residential property converted to a mix of residential and commercial uses. The application must be filed with the assessor on or before the applicable taxable status date. Once the exemption has been granted, the exemption may continue for the authorized period provided that the eligibility requirements continue to be satisfied. It is not necessary to reapply for the exemption after the initial year in order for the exemption to continue.

Contact the City of Albany Tax Assessor at (518) 434-5155 for more information.