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

Spearheaded by Chairwoman Joanne Cunningham and Deputy Chairwoman Wanda Willingham, and in partnership with Albany County Executive, Daniel P. McCoy, Local Law L outlines the most prominent piece of the Legislature’s Housing Agenda – 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. 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 new law is the latest step in the body’s efforts address affordability in Albany County. 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. A new First-Time Homebuyer Navigator program and Accessory Dwelling Units homeowner tax exemption were also created as part of the holistic approach toward the crisis.

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

Next steps regarding the funding for the Revolving Loan Fund will be announced in detail later this month.

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.”

Albany County Executive Daniel P. McCoy said: “The affordable housing crisis demands practical solutions, and Local Law L gives us another tool to meet that challenge head-on. It will help connect developers with the resources they need, while leveraging public and private support to build housing that working families can afford for years to come.”