The Community Loan Fund of the Capital Region is pleased to offer funding through the New York State Main Street (NYMS) Grant Program to support commercial building improvements along the South Pearl Street corridor. This program helps property owners improve their buildings, strengthen existing businesses, reduce blight, and create a vibrant commercial district that serves the community for years to come.

​

Apply here! (PDF version - here)

 

Applications will be accepted beginning July 6, 2026.

Information Sessions

 

Join us to learn about the program, eligibility requirements, the application process, and

reimbursement procedures. Attendance is encouraged but not required.

 

Thursday, July 16, 2026

5:00 PM – In Person

Community Investment Trust

153 South Pearl Street

Albany, NY 12202

 

Tuesday, July 21, 2026

8:00 AM – Zoom (link coming soon)

 

Thursday, July 23, 2026

12:00 PM – Zoom (link coming soon)

​

Application Deadline

Monday, August 17, 2026

Applications must be submitted by 11:59 PM.

​

Who Is Eligible?

You may be eligible if you:

• Own a commercial or mixed-use building within the NYMS target area.

• Are proposing an eligible building improvement project.

• Are contributing to the growth and economic vitality of the neighborhood. 

• Are willing to comply with New York State Main Street program requirements.

• Understand that grant funds are provided on a reimbursement basis.

​

Target Area

Madison Ave (both sides) from 120–143 *including 68 Grand*

South Pearl St. (west side) from 115–185

 

How Much Funding Can I Receive?

NYMS is designed to help cover part of your project costs. Building Renovation Funding Limits

• Up to $50,000 per commercial building, not to exceed 50% of total renovation cost

• Buildings with residential unit improvements may qualify for additional support:

  • Up to $25,000 per residential unit

  • Up to $100,000 maximum per building

  • Still not to exceed 75% of total project cost

Important: Building owners must contribute the remaining project funds and are responsible for securing any construction financing needed.

 

What Can Funds Be Used for?

Grant awards vary depending on the proposed project, available funding, and NYMS guidelines.

Funding may be available for:

• Storefront and façade improvements

• Interior commercial renovations

• Accessibility improvements

• Building systems (HVAC, plumbing, electrical)

• Code compliance improvements

• Historic preservation

• Other eligible rehabilitation projects

• Program staff can help determine whether your project is eligible.

​

​

The Application Process:

Please don't hesitate to engage the Grant team at any point in the process. We can help you determine eligibility, connect you to resources, and support you in the application process. We prefer to hear from you as early as possible to help projects and applications go smoothly.​

​

What Happens After You Apply?

After your application is received:

• Staff will review your application for completeness.

• We may contact you if additional information is needed.

• Eligible applications will be reviewed and scored.

• Funding recommendations will be made based on program priorities and available funds.

• Successful applicants will receive guidance throughout the construction and reimbursement process.

 

 

Quick Links

• Apply for the NYMS Grant

• Program Guidelines

• Eligible Improvements

• Procurement & Bidding Requirements

• Reimbursement Process

• Required Documents Checklist

• Sample Scope of Work

 

Frequently Asked Questions

Who can apply?

Commercial and mixed-use property owners within the approved NYMS target area.

 

Can I start construction before my project is approved?

No. Work that begins before receiving required approvals is generally not eligible for reimbursement.

 

How does reimbursement work?

Property owners pay eligible project costs first. After approved work is completed and required documentation is submitted, reimbursement is processed according to NYMS guidelines.

 

Do I need contractor estimates before applying?

Not necessarily. However, estimates will be required before a grant agreement can be executed. Program staff can help explain the procurement process.

 

How long does the process take?

The timeline varies depending on environmental review, project complexity, procurement, and construction schedules.

 

Can program staff help me?

Yes. We encourage applicants to contact us early to discuss project ideas, eligibility, and next steps.

 

 

Need Help?

 

Not sure where to start?

Our staff are happy to meet with you before you apply to discuss your project, answer questions, and help you understand the program requirements.

 

 

Contact Us

 

Community Loan Fund of the Capital Region
New York State Main Street Program

Ruth Kassel

Ruth@capitalregioncit.org

153 South Pearl Street
Albany, NY 12202

 

Building Stronger Main Streets Together

 

The New York State Main Street Grant Program is more than a building improvement program. It is an investment in the businesses, property owners, and neighborhoods that make South Pearl Street a vibrant place to live, work, and do business. Through strategic building rehabilitation, we are helping preserve the character of the corridor, strengthen existing businesses, and support long-term community revitalization.