Focus Area Loan Program
- About this page:
- Last Updated: June 19, 2018 June 19, 2018
The Focus Area Loan program is competitive and available for commercial or mixed‐use property in three geographic areas.
|Program Allocation||Timing||CARA Funding||Overall Project Costs||Minimum Match||Fees||Rate||Terms|
Three times per year (March, July, November).
|Minimum $75,000||80% of project costs||$500||10‐Year T‐note rate + 1.25%|
Years 1‐2 Monthly interest‐ only payments.
Applications due 2/28, 6/30, and 10/31 respectively.
|Up to 20% of project costs per project||Years 3‐8 monthly payments, loan paid|
- Property owners who can show fee title
- Business owners who show written evidence that property owner has authorized work for which application is made
- Properties must be located within the Central Albany Revitalization Area and within a focus area
- Qualifying structures include commercial and mixed‐use buildings
- Tax‐exempt projects are exempt
- Historic preservation including
- Storefronts/façade improvement
- Upper floor redevelopment
- New construction residential/mixed use
- 100% residential projects are excluded
See the General Information sheet for other important CARA program details.