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Legislature advances housing revolving loan fund local law to public hearing, prompting governance questions
Summary
The Legislature advanced Local Law L of 2025 — a housing revolving loan fund to finance small developers' workforce housing — to public hearing. Members asked how the unelected committee's criteria will be set and how projects from across the county will be prioritized; sponsors say the program is market-driven and will include oversight.
The Albany County Legislature on Oct. 29 moved Local Law L of 2025, a proposal to create a housing revolving loan fund aimed at supporting smaller developers building workforce and affordable housing, to public hearing after detailed discussion over funding, governance and selection criteria.
The sponsor said the proposal is modeled on prior county loan programs, including the convention center structure and the Albany County Business Development Corporation, and would set up a committee to evaluate and approve loans. "These loans are meant for smaller…
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