Albany Vacant Rental Program

Up to $75,000 for health and safety improvements to vacant, affordable rental units.

For owners of 1-5 unit rental properties in the City of Albany

Funding provided by NYS Homes and Community Renewal

Eligibility Guidelines

  • Home Improvements

    Bring vacant rental units to code, with a focus on Health and Safety improvements

    Improve Energy Efficiency

    Replace Roof

    Updated HVAC

    Update Electrical System

    Lead Water Service Line Replacement

    Improve kitchens and baths

  • Property Eligibility

    A 1-5 unit property

    Located in the City of Albany

    Mixed-use properties are eligible

    Unit is currently vacant and in need of repair

    Owner cannot displace a tenant to create vacancy

  • Owner Eligibility

    Owner occupant with vacant rental unit

    Investor owner including LLCs and nonprofit organizations

    Be considered a Responsible Owner: current with mortgage, taxes, no history of unresolved code violations or Fair Housing violations, and more

    Willing to retain ownership of property for 10-year term

    Agree to rent units to eligible tenants at affordable rents

Program Details

Grant Amounts and Affordability Requirements

  • Two Award Levels:

    • Standard: Up to $50,000/unit, rent to households with income up to 80% of area median income. Example: 1 BR unit, 1 person household may earn up to $68,950 with a maximum rent of $1600 (tenant pays utilities).

    • Enhanced: Up to $75,000/unit, rent to households with income up to 60% of area median income. Example: 1 BR unit, 1 person household may earn up to $51,720 with a maximum rent of $1100 (tenant pays utilities).

  • 10 year regulatory period. Grant terms to be enforced for full 10-year term, no prepayment allowed.

Application and Approval Process

  • Complete an application and let us know what work needs to be completed.

  • Provide documents to show you are eligible for the program:

    • Government ID

    • Most Recent Mortgage Statement

    • Current Insurance Policy

    • Utility Bill

    • Recent Bank Statements

    • AHP will document that you own the property within the City of Albany, and are current with property taxes.

    • Additional documentation may be required

  • Applications will be reviewed for consistency with eligibility requirements and whether the project meets program priorities. See AHP’s Eligibility and Priority guidelines here.

  • Schedule a home inspection with us to determine project feasibility. See full applicant roadmap here.

  • New York State, the source of the grant funds, has issued a Frequently Asked Questions guide found here.

  • Click the link below for the application form in a fillable pdf format. Send completed form to staff@ahphome.org or drop off or mail to Affordable Housing Partnership, 255 Orange St, #105, Albany 12210.

Application Form