County to launch First-Time Homebuyer Navigator Program, introduce
tax exemption
ALBANY — Albany County is rolling out two new initiatives aimed at addressing “one of the greatest challenges facing Albany County” by expanding homeownership and increasing housing options.
County Executive Daniel P. McCoy and the Albany County Legislature both announced on Monday, March 24, that the county will launch the First-Time Homebuyer Navigator Program and introduce a tax exemption for homeowners who build accessory dwelling units.
The programs are part of an effort to address the county’s housing shortage and make homeownership more accessible.
The First-Time Homebuyer Navigator Program will provide guidance to first-time homebuyers, particularly those with low or moderate incomes. The county will allocate up to $240,000 over three years for an individual or organization to run the program. Participants will receive help securing financing through the State of New York Mortgage Agency and the Federal Housing Administration, as well as assistance navigating 203k loans for purchasing and renovating vacant homes. The program will also offer advice on property rehabilitation and the overall homebuying process.
McCoy said the program is designed to remove barriers that often prevent first-time buyers from securing a home.
The county will also introduce a tax exemption for homeowners who add accessory dwelling units to their properties. These units, which can be attached or detached from the main home, are intended to create additional housing options for seniors, young professionals and others in need of affordable living spaces.
The exemption will apply to any increase in assessed property value resulting from the construction of an accessory dwelling unit worth at least $3,000. The increase will be fully exempt from property taxes for five years, with a phased reduction over the next five years. The units must be used for long-term housing and cannot be rented as short-term vacation properties.
If approved, the tax exemption will take effect on Jan. 1, 2026.
“The lack of affordable housing is one of the greatest challenges facing Albany County and our country as a whole. By offering a tax exemption on the construction of accessory dwelling units, we’re encouraging homeowners to create more unique housing options.”
— Daniel McCoy,
Albany County Executive
McCoy said both programs will help increase the housing stock while ensuring that homes remain accessible to those who need them most.
“The lack of affordable housing is one of the greatest challenges facing Albany County and our country as a whole,” McCoy said. “By offering a tax exemption on the construction of accessory dwelling units, we’re encouraging homeowners to create more unique housing options. Additionally, through the First-Time Homebuyer Navigator Program, we’re helping more people achieve the
dream of homeownership while incentivizing the renovation of vacant properties.”
The initiatives are part of a broader effort to address housing shortages in Albany County. Last year, the county created
a Housing Working Group to identify solutions and develop a legislative agenda focused on expanding housing opportunities.
Legislature Chairwoman Joanne Cunningham said the new programs reinforce the county’s commitment to making housing more accessible.
“By guiding first-time homebuyers and those looking for rehabilitation opportunities through the complexities of the process alongside rewarding residents for investing in their property and thus freeing up housing inventory, we are sending a very clear message: Albany County is pro-housing,” Cunningham said.
Deputy Chairwoman Wanda Willingham said the initiatives also aim to address historic inequities in housing access.
“In countless academic studies, analyzing almost every metric of success, stable housing is a key force for good,” Willingham said. “This combination helps our needs in this moment while also addressing historic inequities in housing opportunities that people of color in Albany County have dealt with stretching back nearly a century.”
The county will begin accepting proposals for the First-Time Homebuyer Navigator Program on Wednesday, March 27. Submissions are due by Thursday, April 11, at 4:30 p.m. and can be submitted online through the Empire State Bid System or in person at the Albany County Purchasing Agent’s office.
