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WESTCHESTER COUNTY LAUNCHES AFFORDABLE HOUSING PREDEVELOPMENT REVOLVING LOAN FUND
New Partnership will Help Advance Affordable Housing Projects across Westchester County
(White Plains, NY) – Westchester County is expanding its commitment to affordable housing by launching the Westchester County Affordable Housing Predevelopment Revolving Loan Fund, a new initiative designed to help affordable housing projects move from concept to construction.
Administered by Community Capital New York (CCNY), the fund will provide flexible, short-term financing and technical assistance to developers, nonprofit organizations, faith-based institutions and Minority- and Women-Owned Business Enterprise (MWBE) developers working to create and preserve affordable housing throughout Westchester County.
The revolving loan fund addresses one of the greatest barriers to affordable housing development:
securing financing for early planning expenses before projects qualify for larger public or private investments.
Loans of up to $50,000 will be available for eligible predevelopment costs such as feasibility studies, architectural and engineering services, environmental assessments, legal expenses, permitting and project planning. As loans are repaid, those funds will be reinvested to support future affordable housing developments, creating a sustainable financing resource for communities across Westchester County.
Westchester County Executive Ken Jenkins said:
“Expanding affordable housing requires giving projects the support they need from the very beginning. Too many promising developments stall because they cannot secure financing for critical planning and predevelopment work. This revolving loan fund helps bridge that gap by providing flexible capital that will allow more projects to move forward, strengthen partnerships with faith-based institutions and nonprofit organizations and ultimately create more affordable housing opportunities for Westchester residents.”
Westchester County Department of Planning Commissioner Blanca Lopez said:
“Predevelopment financing is often one of the biggest barriers to bringing affordable housing projects to life. By creating this revolving loan fund, Westchester County is investing in the earliest stages of development when strategic planning and technical assistance are most critical. This initiative will help build a stronger pipeline of affordable housing projects while supporting innovative partnerships that address local housing needs.”
Westchester County Director of Faith Based Initiatives Kym McNair said:
“Many faith-based organizations are deeply committed to serving their communities and often have underutilized properties that could help address Westchester’s housing needs. This revolving loan fund gives congregations access to the resources they need to explore affordable housing opportunities and turn their vision into reality. It is an investment not only in housing, but in stronger communities and meaningful partnerships.”
Community Capital of New York CEO Robert Benitez said:
“For 38 years, we have supported developers during their early stages of construction, with pre-development loans. We believe that visionary community development requires early, reliable support. CCNY has committed to providing our developers in Westchester County, with flexible predevelopment loans. We understand that this support ensures they have the critical early-stage capital needed to transform innovative concepts into impactful realities.”
Community Capital New York, a certified Community Development Financial Institution (CDFI), will administer the fund by overseeing outreach, application review, underwriting, loan servicing, and technical assistance, compliance monitoring and reporting. The organization will also work with borrowers to help position successful projects for future financing opportunities, including construction loans, tax credits and grants.
The fund is expected to support multiple affordable housing projects annually while expanding opportunities for nonprofit organizations, emerging developers and faith-based institutions to transform underutilized properties into affordable housing. By providing critical early-stage financing, Westchester County is helping strengthen the pipeline of housing projects that will serve working families, seniors and residents with low and moderate incomes for years to come.
To learn more about the new initiative, visit: https://communitycapitalny.org/affordable-housing-predevelopment-revolving-loan-fund/