Economic Development

In the past 10 years, economic development efforts have brought more than $9 billion of investment to the City of Albany.  The City’s healthcare and educational institutions are investing and expanding in unprecedented ways. Downtown Albany has experienced a renaissance with $35 million in new residential units, the expansion and updating of premier entertainment destinations and new world-class dining locations.  Albany’s diverse neighborhoods are being revitalized, from the Hudson River waterfront on the eastern border to Albany’s globally-rare Pine Bush Preserve on the western border.

The City of Albany continues to be a prime destination to invest and create business.  Albany is home to many fine commercial  establishments and government partnerships, world renowned hospitals, and educational and research institutions.

These assets help create the strong economic climate which provides Albany with a competitive advantage in attracting new businesses. Capitalize Albany Corporation, the City of Albany Industrial Development Agency and Capital Resource Corporation continuously work to create a business friendly environment within the community.  As part of the business development services offered, Capitalize Albany Corporation, The City of Albany IDA and Capital Resource Commission work with a number of organizations and various lending programs in order to facilitate financial and economic assistance for local businesses.

Capitalize Albany Corporation (CAC)
Capitalize Albany Corporation is a registered 501(c)(3) non-profit organization which implements programs and resources that create, retain and attract business in the City of Albany. Capitalize Albany achieves this through its facilitation of transformational development projects identified as priorities by the corporation’s planning efforts.  Contact Capitalize Albany Corporation at  (518) 434 2532 or

Blight to Betterment
Capitalize Albany Corporation, in partnership with the City of Albany, initiated the Blight to Betterment Program for strategic acquisition, stabilization and rehabilitation of key vacant properties in the City of Albany's core urban districts. For Blight to Betterment pre-application materials, go to the Capitalize Albany website.  

Albany Industrial Development Agency (IDA)
The City of Albany Industrial Development Agency is an independent public benefit corporation established by a special act of the New York State Legislature at the request of the City of Albany, which is the sponsoring municipality. Contact the IDA at (518) 434 2532 or

Capital Resource Corporation (CRC)
The Capital Resource Corporation is a not-for-profit local development corporation formed under the Not-For-Profit Corporation Law of the State of New York. The Capital Resource Corporation focuses on providing assistance to not-for-profit civic facility projects.  Contact the CRC at (518) 434 2532 or

Public-Private Budgetary Cooperation
In April 2010, the City’s Common Council created the Commission on Public-Private Budgetary Cooperation (Ordinance 42.31.10).  The Commission’s powers and duties consist of providing a report with findings and recommendations regarding exempt properties and public-private partnerships. 

Read the Public-Private Budgetary Cooperation Final Report.