First Project Under NYS Housing Acceleration Fund Closes on Financing

New York State Homes and Community Renewal (HCR) Commissioner RuthAnne Visnauskas announced that the first project under the Housing Acceleration Fund launched last year has closed on construction financing. North White Plains, a $178-million mixed-use transit-oriented development in Westchester County and located directly across from the North White Plains Metro-North Station, will feature 296 mixed-income apartments, retail and publicly accessible open space. The fund provides self-sustaining loans to shovel-ready housing projects.

“By providing low-cost financing for mixed-income housing projects, we are jumpstarting construction of new apartments that will benefit families, seniors, young adults, and those looking for a modern place to live,” said Visnauskas.

Funding tincludes $120.6 million from Merchants Capital, $18 million from the Housing Acceleration Fund, $10 million from The Community Preservation Corporation, and $29.7 million in equity from Basis Investment Group and BRP Companies. Developed by BRP Companies, North White Plains will include a mix of studios, one-bedroom and two-bedroom residences. Thirty apartments will be designated as affordable housing.

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