Governor Hochul Proposes $200 Million Plan to Revitalize Downtown Albany

Funding to focus on housing, jobs, and community improvements in the state capital's core

Published on Feb. 15, 2026

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Governor Kathy Hochul has announced a $200 million plan to revitalize downtown Albany, New York. The Downtown Albany Strategy aims to transform the historic heart of the state capital through investments in housing, job creation, and community spaces.

Why it matters

As the seat of New York state government, a vibrant and thriving downtown Albany is crucial for the region's economic and social well-being. This major investment seeks to breathe new life into the city center, which has faced challenges in recent decades, by addressing key priorities identified by the local community.

The details

The $200 million plan includes $120 million for major public-interest projects, $40 million to boost housing, and another $40 million for community spaces. Key initiatives include redeveloping Liberty Park as a catalytic hub for housing and attractions, as well as efforts to triple the downtown residential population and add up to 3,000 jobs over the next decade.

  • The strategy will open up for funding applications in March 2026.
  • Project guidelines are set to seek board approval by February 19, 2026.

The players

Governor Kathy Hochul

The governor of New York state who announced the $200 million revitalization plan for downtown Albany.

Hope Knight

The CEO of Empire State Development, the state's economic development agency, who highlighted the community's role in shaping the strategy.

Daniel P. McCoy

The Albany County Executive who praised the Downtown Albany Strategy as a "practical, action-oriented roadmap focused on long-term impact."

Dr. Dorcey Applyrs

The Mayor of Albany who emphasized the importance of the defined timeline to keep stakeholders accountable for the revitalization efforts.

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What they’re saying

“Downtown Albany has been a historic hub for more than 400 years, and I am committed to renewing its prominence not only to the region, but across our state and nation.”

— Governor Kathy Hochul (Governor's Press Office)

“This strategy is not a list of projects, but reflects what is possible when we combine community voices with smart, targeted investments.”

— Hope Knight, CEO, Empire State Development (Governor's Press Office)

“This level of coordination is how we rebuild confidence and bring sustained growth to our downtown.”

— Dr. Dorcey Applyrs, Mayor, City of Albany (Governor's Press Office)

What’s next

The strategy will open up for funding applications in March 2026, with project guidelines seeking board approval by February 19, 2026.

The takeaway

This major investment in downtown Albany's revitalization reflects a collaborative effort to address the community's needs and priorities, with a focus on housing, job creation, and enhancing public spaces. By setting clear targets and timelines, the plan aims to reinvigorate the historic heart of the state capital and position it for long-term growth and prosperity.