Developer Seeks $8 Million Tax Break To Rehab Albany Homes
A Rochester developer is seeking an $8 million tax break for its plan to rehabilitate dozens of blighted homes in Albany’s Arbor Hill neighborhood.
The Times Union reports developer Home Leasing seeks to rehab about 70 buildings along Clinton Avenue. The project carries a $48 million price tag. Home Leasing is hoping to secure a tax reduction through Albany’s Industrial Development Agency.
The company purchased the 220 units for $3.3 million from Clinton Revival Housing Development Corp, which bought the homes in 2001 but has been unable to return them to the tax rolls.