Masthead image

Capitalize Albany Corporation, CPC and now other traditional lenders have directed attractive and targeted financing to assist projects that were developed from the Technical Assistance Grant program. The project partners have strong collaborative relationships with a number of commercial banks that participate in a majority portion of the funding.

The City of Albany and the project partners also identified other resources that could assist project stimulus. Redevelopment projects were hesitant to take on major investments without some relief of property taxes. The project partners worked on fully instituting the 485-a Real Property Tax abatement (City and School portions) that targets existing properties that are converted into mixed use. This program offers a 12 year tax abatement on the increased value due to improvements. The City’s IDA program is also a tremendous resource for development projects, particularly where lenders require a longer or more predictable term of tax abatement. The first downtown residential, market rate project was brought to the IDA in 2006 with the Jonathan’s Pizza building redevelopment at 33 N. Pearl Street.