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.”
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.
