The third stage, is the Building Renovation Program, which is where the resource development is required, including New York Main Street Grant funding, Capitalize Albany Corporation lending, City of Albany IDA assistance and other local support as well as other appropriate sources. This stage provides funding support to the rehabilitation projects that were identified and prioritized from the Technical Assistance Grant program. The project partners of the Technical Assistance Grant program, including Community Preservation Corporation (CPC) identified that a critical component of this stage of supporting mixed-use development downtown is to assemble necessary gap financing resources for construction costs. Experience from conversion projects that have been completed in the district have indicated that property owners will need to finance the construction costs, and that any reduction in construction and operating costs will make the projects more economically sustainable for the borrowers until market rents match the cost of rehab or reconstruction. Rehabilitation of historic properties can be very expensive and complicated. However the results can be extremely unique and attractive to the urban renters desiring a walkable and vital neighborhood.

Understanding the existing debt on each property was a part of the Technical Assistance Grant program. As part of the Technical Assistance Grant program, the property owner met with a loan officer to explore financing based on the recommendations of the property evaluation report. The loan officer sought to understand existing debt and equity related to the property and estimate lending needs for the construction costs. This assessment was provided to the property owner as well as to Capitalize Albany Corporation to use in evaluating need for assistance.

In the early stages of the initiative, the Corporation recognized that a need exists to create grant programs in order to make the projects financial feasible for the property owners. Often times, the cost of redevelopment were not entirely covered by income projections, as the market was being built. Capitalize Albany applied to the NY Main Street program for two successful grant awards in 2004 and 2009. The Corporation partnered with the Downtown Albany BID to submit an application in 2011 for an additional anchor project that is still awaiting announcement.