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Midtown Colleges and University District
One of the many strengths of the City of Albany is the number of fine institutions of higher education located here. The colleges and university in the City are major centers of activity and stability in Albany's neighborhoods. Recognizing the important role institutions of higher education can play in the revitalization of the community, the City is collaborating with Citizens Bank and targeted institutions in the central or "Midtown" portion of Albany to leverage their investment activities and programming needs to enhance their surrounding neighborhoods.
In June 2005, the City of Albany, Citizens Bank and the participating institutions of higher education unveiled a comprehensive, multimillion-dollar community investment plan to increase homeownership, strengthen commercial retail districts and create an education district in the Midtown area of Albany.
Key elements of the plan include:
Citizens Bank Funded Initiatives
- $5 million in financing set aside for land acquisition and construction by for-profit developers within the Midtown area. Financing could potentially be used to build new college libraries, student dormitories and other facilities.
- $1 million reserved to assist community development corporations and other non-profit organizations to acquire land and vacant property within Midtown targeted for future development.
- $3 million in financing for below market rate mortgage loans for anyone purchasing a home within the targeted area. Financing will be available at up to one percent below market rate on a standard 30-year loan. Financing will be available on a first-come, first-served basis.
- $600,000 in low-interest financing for home improvement projects, available to both homeowners and renters. Citizens Bank will provide $1,000 loans at a financing rate of one-percent or up to
- $10,000 at a rate of six-percent. The program is unique in that no contract estimates or inspections will be required for loan approval. The program is also unique in that it provides a home equity type product to non-home owners, e.g. renters.
- $3.1 million in small business loans to qualified small and micro businesses operating within the Midtown target area. Financing will be available to small business owners to help spur business growth and expansion.
- $300,000 set aside for down payment assistance for homes purchased in Midtown. Citizens Bank will offer $5,000 in loan forgiveness for homebuyers over a five-year period (20% of the loan, or
- $1,000, will be forgiven each year on the anniversary of the loan). The loans are available to anyone purchasing a home within the target areas.
Institutional Funded Initiatives
Each of the six colleges and Universities has put up a $50,000 matching grant for down payment assistance to create an additional financing pool of $300,000, which will be available to employees of their respective institutions. Financing will be available on a first-come, first-served basis. For more information about the Citizens Bank funded initiatives, stop by any local Citizens Bank branch. For more information about the Midtown Colleges and University Plan including dates and times of upcoming public meetings, contact the Development and Planning office at 518-434-2532.
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