Westchester Launches Affordable Housing Predevelopment Revolving Loan Fund
WHITE PLAINS—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, including feasibility studies, architectural and engineering services, environmental assessments, legal expenses, permitting and project planning. As loans are repaid, the 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 when the fund was announced on July 30, “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.”
Community Capital New York, a certified Community Development Financial Institution (CDFI), will administer the fund by overseeing outreach, application review, underwriting, loan servicing, 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, county officials said.
For more information on the new initiative, visit: https://communitycapitalny.org/affordable-housing-predevelopment-revolving-loan-fund/
Published: August 11, 2026.