Your best bet: If you are coming from out of town, you'd be safest getting a hotel in the uptown Albany area, near the SUNY-Albany campus. This puts you about 15 miles from the race start and also close to luxuries like running water and working toliets.

HOTELS
There are literally dozens and dozens of them in the Albany area. The cheapest you will find on a weekend is around 60 bucks.
Roomsaver Albany area hotels

MOTELS
There are a few along Route 20 (Western Avenue) in Guilderland.
Governor's Motor Inn

CAMPGROUNDS
Thompson's Lake State Park: This park has 140 campsites and is just a couple of miles from the race start.

REALLY ROUGHING IT
Sleep in your car.