Albany County Legislature Seeds Perpetually Growing Revolving Loan Fund with $1.6 million to Leverage Nearly $10 Million in Investment

ALBANY, NY - The Albany County Legislature, along with Albany County Executive Daniel P. McCoy, is continuing to address the county's affordable housing crisis and has now provided an initial $1.6 million for a Revolving Loan Fund, with the intent to transfer funding to the Advance Albany County Alliance (Alliance) announced in a news conference on Tuesday.

Spearheaded by Chairwoman Joanne Cunningham and Deputy Chairwoman Wanda Willingham, and in partnership with Albany County Executive, Daniel P. McCoy, the revolving loan fund is the most prominent piece of the Legislature's aggressive and groundbreaking Housing Agenda - a program that will connect housing developers with financial, advisory, and educational assistance for the purposes of expanding the supply and availability of affordable and workforce housing.

The initial investment of $1.6 million in County funds includes the legislature's $1 million commitment to address housing in the 2025 County Budget. The County will also allocate additional resources from the County's annual undesignated, unappropriated fund balance over the next 10 years, meaning that even as the fund is replenished by loan repayments, it will continue to grow each year through new county funding. The County is also seeking to partner with private financial institutions, further increasing the potential for truly game-changing construction and redevelopment in Albany County's housing markets.

The loan fund will be overseen by a five-person committee housed within the Advance Albany County Alliance that will develop an application and review process. Applications must demonstrate a minimum 5:1 private sector investment match, which will leverage the initial $1.6 million investment to $9.6 million, and clearly state how the proposed project(s) provide affordable housing. The committee will annually report back to the Legislature on its progress.

Two committee members will be appointed by the Legislature's Chairperson, two by the Albany County Executive, and one by the Legislature's Majority Leader for three-year terms.

The transfer of funds to the Alliance signifies the next step in this multi-year effort to establish the revolving loan fund, as the Alliance is tasked with operating and staffing the new committee. Work has now begun in concert with the Advance Albany County Alliance to constitute the Oversight and Review Committee.

Last year, Local Law G officially recognized affordable housing as a public purpose in Albany County and granted the county the ability to address the issue directly. In November, Local Law L created the legal structure of the Revolving Loan Fund. The next step is for rules and regulations to be promulgated with the guidance of the committee members by Albany County.

A new First-Time Homebuyer Navigator program and Accessory Dwelling Units homeowner tax exemption were created in 2025 as part of the holistic approach toward the crisis.

Albany County Legislature Chairwoman Joanne Cunningham said: "This is an extraordinary moment for Albany County, as we launch an innovative loan fund that creates new and affordable housing options for our communities quickly while perpetually growing larger and more impactful. The cooperation and teamwork between County Executive Daniel P. McCoy and the Legislature that birthed this initiative and created a perpetual source of funding growth by committing to new investment from the County's annual undesignated, unappropriated fund balance is both gratifying and unprecedented. A strong and vibrant county comes together to care for its people, and this fund is made possible because county government leaders, passionate advocates, committed developers, and community-conscious lenders are uniting around a shared vision of better housing options. Today I could not be prouder of the way we are coming together to increase the physical, emotional, social, and economic wealth and health of Albany County, and I promise you this: we've only just begun."

Albany County Legislature Deputy Chairwoman Wanda Willingham said: "There are approximately 41,000 people living in poverty in Albany, more than 9,000 of them children, but that needn't be a permanent fact. The Albany County Legislature's Housing Agenda is working to change just that. Stable housing doesn't just improve lives; it saves them. Better housing lowers crime, stabilizes finances, and puts people on more productive paths. My heart soars knowing this fund prioritizes neighborhoods with poverty rates of 40% or higher, uplifting historically marginalized and underserved people and places. And I know helping more people into homes they can be proud of will create an Albany County we can all be proud to call home."

Albany County Majority Leader Dennis Feeney said: "The Majority advanced this revolving loan fund with a clear understanding that stalled housing development constrains economic growth. Expanding housing supply is essential to attracting workforce talent, supporting employers, and driving long-term infrastructure investment. By strategically seeding this initiative with $1.6 million, we are creating a sustainable financing mechanism that will draw responsible developers to Albany County and generate lasting benefits for our communities and regional economy."

Albany County Executive Daniel P. McCoy said: "Affordable housing isn't just a national conversation, it's a real challenge for families right here in Albany County. That's why, together with the Legislature, we're launching a $1.6 million revolving loan fund to connect developers with the financial tools and guidance they need to create more housing opportunities. Together, we will ensure residents in our community have a fair shot at a safe, stable place to call home."