ALBANY — Albany County is seeking to create what officials are calling a “housing accelerator fund” to address affordable housing shortfalls.
The vision is for a revolving loan fund to handle everything from grants to housing rehabilitation projects to large-scale development projects. The principal and interest payments on loans from the fund would finance future loans.The money would be aimed primarily at increasing affordable housing in the county, as well as workforce housing. It woud be made available to individual homeowners and developers.
The goal is to have the revolving loan fund seeded with county funds and supported by a budgeted revenue stream. The fund itself would be structured in a way that invites banks, nonprofits and government entities to contribute to it, allowing it to grow larger…