Championing Albany’s Potential Initiative Funding Will Support Transformative Projects, Housing, and Community Investments
Learn More About Funding Opportunities Here
Governor Kathy Hochul today announced the release of program guidelines for the $200 million in new investments to revitalize downtown Albany as part of her broader Championing Albany’s Potential Initiative. The funding, detailed in the Downtown Albany Strategy released last week, will support catalytic redevelopment projects, expand housing opportunities, and strengthen community assets—helping transform the city’s core into a reinvigorated and more vibrant, dynamic destination. Applications will be opening in the coming weeks and will be available here.
“New Yorkers deserve a world-class capital city, and my CAP Initiative is delivering the transformational change Albany needs,” Governor Hochul said. “These high-impact investments will drive growth, create housing, strengthen neighborhoods, and reimagine public spaces—making downtown a place where our families, visitors, and businesses will thrive.”
Empire State Development President, CEO & Commissioner Hope Knight said, “Our strategy of targeting investments in these three areas are key to revitalizing downtown Albany and strengthening the Capital Region’s economy more broadly. By aligning public and private resources, we’re expanding housing, activating public spaces, and driving long-term growth that benefits residents, businesses, and visitors—advancing Governor Hochul’s vision for a stronger, more competitive capital city.”