Governor Kathy Hochul has announced program guidelines for a $200 million strategic investment initiative aimed at revitalizing downtown Albany, part of her broader Championing Albany’s Potential (CAP) Initiative. The funding, outlined in the recently released Downtown Albany Strategy, will support catalytic redevelopment projects, expand housing opportunities, and strengthen community assets, transforming the city’s core into a vibrant, dynamic destination. Applications for the funding will open in the coming weeks.
Governor Hochul emphasized that the initiative aims to create a world-class capital city by driving growth, enhancing neighborhoods, and reimagining public spaces. The investments are intended to foster long-term economic development while improving the quality of life for residents, visitors, and businesses in Albany.
Hope Knight, President and CEO of Empire State Development, highlighted that the strategy focuses on aligning public and private resources to activate public spaces, expand housing, and promote sustainable economic growth. By strategically targeting these areas, the initiative seeks to strengthen Albany’s downtown economy and advance the Governor’s vision of a competitive, thriving capital city.
