Vacant Building Rehab Program
The Albany Community Development Agency (ACDA) developed the Vacant Building Rehabilitation Program (VBRP) to create a fund for the rehabilitation of vacant residential properties as part of the City’s vacant and abandoned property initiative. The Program will target properties that are located in neighborhoods with high numbers of vacant and abandoned buildings. Residential properties owned by individuals, Albany County Land Bank and the Albany Community Development Agency will be eligible for funding. The effects of this program will be immediate and sweeping for the City’s downtown communities and neighborhood plan areas as well as for the residents who live in them. This funding will enable the renovation of significant housing stock, bring distressed City blocks back to life, increase surrounding property values, create local construction jobs, and dramatically enhance local quality of life.
ACDA will offer financial assistance in the form of need-based deferred loan and construction financing to large or small contractors/property owners who wish to take on projects to redevelop vacant buildings. Gap financing of up to $50,000 per building will be provided in the form of a grant/forgivable loan for construction rehab assistance for vacant properties in the City of Albany. Through a formal contract with ACDA, the qualified property owner will be responsible for bringing the building back up to code and redeveloping the property back to active use. ACDA will monitor projects assisted under the Vacant Building Rehabilitation Program for the duration of construction and at least five years after construction completion. Additional federal funding from ACDA may also be available provided applicants are willing and able to comply with the Federal guidelines associated with the funds. For more information on these programs please contact ACDA directly.
Download a copy of the VBRP guidelines here.