Albany County Legislature Passes Affordable Housing Legislation, Introduces Law to Create Revolving Loan Fund

The Albany County Legislature continued to follow through on its promise to address the affordable housing crisis during its regular legislative meeting in the William J. Conboy II Legislative Chambers on Monday.

The body approved Local Law G, which passed by a 37-0 vote, to officially recognize affordable housing as a public purpose in Albany County and grant the county the ability to address the crisis directly. It joins the county's First-Time Homebuyer Navigator program and the new homeowner tax exemption for building Accessory Dwelling Units as part of the body's overall Housing Agenda.

Local Law G now goes to County Executive Daniel P. McCoy for his signature.

Thanks to the groundwork laid out by Local Law G, Chairwoman Joanne Cunningham also introduced Local Law L on Monday.

Currently sponsored by Cunningham and Deputy Chairwoman Wanda Willingham, Local Law L outlines the Housing Agenda's most prominent piece - the creation of a revolving loan fund to connect housing developers with financial, advisory, or educational assistance.

The fund will utilize an initial investment of $1.6 million, including the legislature's $1 million commitment to address housing in the 2025 County Budget. The law also defines how the County will add additional resources from the County's annual undesignated, unappropriated fund balance over the next 10 years. The county is seeking to partner with private financial institutions as well.

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 and clearly state how the proposed project(s) provide affordable housing (Local Law G). 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.

Local Law L now goes before both the Law and Audit and Finance committees for review in December. It is projected to come back before the full Legislature for a final vote in February.

Albany County Legislature Chairwoman Joanne Cunningham said: "This is landmark legislation for Albany County. This is following through on promises. This is creating an economic environment where developers who are passionate about uplifting neighborhoods and creating workforce housing options for county residents and their families to turn into homes. Stable workforce housing creates thriving communities, lowers crime rates, creates generational wealth, and builds civic pride. I am proud we are continuing on this journey toward making Albany County a place where its residents can thrive emotionally, socially, and economically."

Albany County Legislature Deputy Chairwoman Wanda Willingham said: "Stable housing saves lives, prevents crime, and builds public pride, plain and simple. That is everything to everyone here in Albany County. I am thankful that we have continued to adapt and evolve our approach to addressing this enormous issue. The work continues, but I am grateful that I can continue to lead the way toward creating an Albany County that everyone is proud to call their home."