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The Focus Area Loan program is competitive and available for commercial or mixed‐use property in three geographic areas.

Program AllocationTimingCARA FundingOverall Project CostsMinimum MatchFeesRateTerms
$300,000

Three times per year (March, July, November).

Minimum $15,000

Minimum $75,00080% of project costs$50010‐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

Eligible applicants:

  • Property owners who can show fee title
  • Business owners who show written evidence that property owner has authorized work for which application is made

Eligible property:

  • 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

Eligible projects:

  • Historic preservation including
  • Storefronts/façade improvement
  • Upper floor redevelopment
  • New construction residential/mixed use
  • 100% residential projects are excluded

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See the General Information sheet for other important CARA program details.