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Downtown Residential

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by

Capitalize Albany

on 14 February 2013

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Transcript of Downtown Residential

Success Stories Assistance Available "The Monroe"-49 Sheridan 44 units
90% occupancy
800-1,500 sq ft
$6.5 million project investment Assistance Received CAIDA assistance
Capitalize Albany loan
Main Street grant
Planning assistance 17 Chapel 24 condos
13/24 are sold
1,190-2,165 sq. feet
$12 million project investment Assistance Received 485-a
Planning assistance 4-6 Sheridan 13 units
100% occupancy
590-1,300 sq. feet
$1.68 million project investment Assistance Received CAIDA assistance
Main Street grant
Planning assistance 522-524 Broadway 14 units
100% occupancy
615-1,100 sq. feet
$1.45 million project investment Assistance Received CAIDA assistance
Capitalize Albany loan
Main street grant
Planning assistance 518 Broadway 9 units
500-1,200 sq. feet
$850,000 project investment Assistance Received
Main Street grant
Planning assistance City of Albany 485a
Real Property Tax Incentive City of Albany Industrial Development Agency Financial Assistance Capitalize Albany Corporation
Real Estate Loan Fund New York State Main Street Program Project must convert existing commercial space to resident/residential mixed-use
Abatement on city, county, and school property taxes
Abatement period is 12 years and only increase in improvement value
Applied at/processed by City's Department Assessment and Taxation
Specific eligbility requirements and restrictions apply Project must advance job opportunities, health, general prosperity, and economic welfare of City
Assistance includes sales and use tax exemption, mortgage recording tax exemption and real property tax exemption
Public process with decisions made by a seven member Board of Directors
Administrative and staff support provided by Capitalize Albany Corporation
Specific fees, eligibility requirements, and restrictions apply Project must demonstrate economic benefit including, improvement to distressed property, increased property taxes, and retention/creation of jobs
Offers long term, fixed rate financing at or below market interest rates and banking industry equity requirements
May be used with other private and public funds
Specific fees, eligibility requirements, and restrictions apply Project must stimulate reinvestment within mixed-use commercial districts and adjacent neighborhoods
Offers matching grant for renovation of facades, storefronts, and commercial interiors of mixed-use buildings
Additional grant monies available for inclusion of residential units
Applied for, and administered by, Capitalize Albany Corporation on behalf of building owners through a statewide yearly competitive process
Specific eligibility requirements and restrictions apply Results $ million 200+ new units community
Full transcript