The Community Loan Fund’s Capital Region Community Investment Trust (CIT) has been awarded a $394,000 New York Main Street Grant, bringing significant new investment to Albany’s South Pearl Street commercial corridor. Administered through New York State Homes and Community Renewal, the New York Main Street Program provides funding and technical assistance to strengthen neighborhood business districts by supporting commercial building improvements, reducing blight, and encouraging long-term economic vitality.

Awards of up to $50,000 per Commercial Building and up to $25,000 per residential unit are available to qualifying property owners. Grants can be used for Storefront and façade improvements, Interior commercial renovations, Accessibility improvements, Building systems (HVAC, plumbing, electrical), Code compliance improvements, Historic preservation and other rehabilitation projects. The grant will help improve commercial buildings, strengthen existing businesses, and contribute to a more vibrant and resilient South Pearl business district for years to come.

Photo taken by Andrew Elder of Best Frame Forward

This award aligns perfectly with the mission of the Community Investment Trust, which is creating opportunities for residents to invest in and benefit from neighborhood revitalization while supporting local businesses and commercial property owners. The Capital Region CIT is housed at 153 S Pearl St, a mixed-use building that serves as a vibrant community anchor. Through this project, local residents have the opportunity to become partial owners in a real estate development that includes office, retail, and community space.

This CIT initiative is:
• Inclusive – Designed to make investing accessible to working-class individuals and families.
• Local – Keeps wealth and ownership within the community.
• Transparent – Shares are affordable, and investors receive regular updates and dividends.
• Empowering – Allows residents to take part in the economic revitalization of their own neighborhood.

Own a commercial property within the program area? Applications are open through August 17, but funding is limited. Visit www.capitalregioncit.org to learn more about the grant, view upcoming information session dates and times, and access the application.

Photos credited to Andrew Elder of Best Frame Forward