Vacant Building Rehab Program

The Albany Community Development Agency has developed a Vacant Building Rehabilitation Program (VBRP) to create a funding stream to rehab vacant residential properties as part of the City’s vacant and abandoned property initiative.

The VBRP targets properties located in neighborhoods that are impacted by blight from high numbers of vacant and abandoned buildings.  Residential properties that are owned by individuals, the Albany County Land Bank and the Albany Community Development Agency are eligible for funding.  The effects of this program will be immediate and sweeping for the City’s Downtown, Arbor Hill, West Hill, West End and the South End.  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.

Financial  assistance is provided on a needs-based deferred loan 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 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 the VBRP Guidelines here.

Contact Information

Albany Community Development Agency
200 Henry Johnson Blvd

Second Floor  |  Suite #1
Albany, NY  12210
Phone: (518) 434-5265
Fax: (518) 434-5242