Governor Hochul Announces Construction Start on $178 Million Housing Development in Westchester County
Governor Kathy Hochul has announced the commencement of construction for North White Plains, a $178 million mixed-income, transit-oriented housing development in White Plains, New York. This project will create 296 new apartments across two six-story buildings, featuring retail space and a publicly accessible park. It marks the first development to utilize the Governor's Housing Acceleration Fund, an innovative program designed to expedite the construction of shovel-ready mixed-income housing projects statewide. The development includes a mix of studios, one-bedroom, and two-bedroom apartments, with five affordable homes reserved for households earning up to 60% of the Area Median Income (AMI) and 25 for those earning up to 110% of AMI, while the remaining units will be market-rate. Financing for North White Plains includes $18 million from the Housing Acceleration Fund, $120 million from Merchants Capital, $10 million from The Community Preservation Corporation, and $30 million in equity from Basis Invest...
