WHITE PLAINS – Westchester County Government is launching its Affordable Housing Predevelopment Revolving Loan Fund, a new initiative to help affordable housing projects move from concept to construction.
Administered by Community Capital New York, the fund will provide flexible, short-term financing and technical assistance to developers, non-profit organizations, faith-based institutions and Minority and Women-Owned Business Enterprise developers working to create and preserve affordable housing throughout the county.
Loans of up to $50,000 will be available for eligible predevelopment costs like feasibility studies, architectural and engineering services, environmental assessments, legal, expenses, permitting and project planning.
“Expanding affordable housing requires giving projects the support they need from the very beginning,” said County Executive Ken Jenkins. “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 non-profit organizations and ultimately create more affordable housing opportunities for Westchester residents.”
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