New York State Homes and Community Renewal Announces First ...

New York State Homes and Community Renewal (HCR) Commissioner RuthAnne Visnauskas today announced that the first project under its Housing Acceleration Fund 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 Housing Acceleration Fund is an innovative program launched last year which provides self-sustaining loans to shovel-ready housing projects. Under Governor Hochul’s leadership, HCR has created or preserved more than 4,000 homes in Westchester County. North White Plains continues this effort and complements Governor Hochul’s $25 billion five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide.

“The Governor’s innovative Housing Acceleration Fund is part of New York’s all-of-the-above approach to increasing housing supply. 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 Commissioner Visnauskas. “We are thankful to Governor Hochul for her bold vision on creating this cutting-edge program and are grateful to all the North White Plains project partners for bringing nearly 300 new homes to the city of White Plains.”

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, including five homes reserved for households earning between 50 and 60 percent of Area Median Income (AMI) and 25 homes reserved for households earning up to 110 percent of AMI. The transit-oriented development is located directly across from the North White Plains Metro-North Station, and is walking distance to dining, a pharmacy, and other retail.

Financing for North White Plains is supported through a comprehensive public and private sector partnership. It includes $120.6 million from Merchants Capital, $18 million from HCR’s Housing Acceleration Fund, $10 million from The Community Preservation Corporation, and $29.7 million in equity from Basis Investment Group and BRP Companies.

The Housing Acceleration Fund utilizes public capital to leverage private capital investment. It provides revolving low-interest loans to projects that are ready to start construction to fill financing gaps in the creation of mixed-income housing developments. HCR will receive its investment back with three-percent interest when the project is complete and will then put the funding towards other housing projects. In total, the program will generate $1 billion in economic investments in communities throughout New York.

Designed to encourage social connectivity, North White Plains will feature a fitness center, resident lounge, co-working lounge, event space and landscaped courtyard. The development will also include approximately 1,000 square feet of ground-floor retail intended for a grab-and-go coffee shop, a 15,000-square-foot publicly accessible park with a dog run, and a parking garage with 383 parking spaces.

North White Plains will be all-electric with no fossil fuel-fired equipment and will utilize high-efficiency electric heat pump systems for heating and cooling. The project is designed to meet or exceed ENERGY STAR Multifamily New Construction standards and meet or exceed the technical requirements of LEED v4 for Homes Multifamily Midrise, while also incorporating electric vehicle charging stations.

Construction is expected to begin this summer. 

Seven Smith, Partner of BRP Companies, said, "North White Plains reflects the future of residential development, creating thoughtfully designed communities that connect people to housing, transit and opportunity. As housing demand continues to grow throughout the region, developments like this play an important role in expanding access to high-quality homes while strengthening surrounding communities, and we are grateful to all of our financing partners for helping bring this vision to life.”

Mark Branigan, Transaction Manager at Merchants Capital, said, "Merchants Capital is proud to provide the construction financing for North White Plains and to partner with BRP Companies, HCR, and the many public and private stakeholders whose collaboration has made this transformative development possible. North White Plains represents the kind of thoughtful, transit-oriented investment that expands access to quality housing while strengthening communities and creating lasting economic opportunity. Together, we are helping advance a shared vision for White Plain’s continued growth and long-term vitality, and we look forward to seeing the positive impact this development will have for residents and the neighborhood for years to come." 

Sadie McKeown, Head of CPC Building Innovation at The Community Preservation Corporation, said, "North White Plains reflects the type of development that CPC Building Innovation was created to support: housing that meets community needs while delivering long-term environmental and economic benefits. Its all-electric design and high-performance building systems will help improve efficiency, reduce operating costs, and create a more durable community for residents. By investing in projects like this, we're helping deliver housing that is built for the future while supporting healthier, more resilient neighborhoods." 

Tammy K. Jones, CEO & Founder of Basis Investment Group, said, “This project builds on Basis Investment Group’s longstanding partnership with BRP Companies and our shared commitment to expanding access to high-quality affordable and workforce housing. At a time when the need for housing is especially acute, we are proud to support a project that will deliver meaningful, long-term benefits for residents and the broader community.” 

Governor Hochul’s Housing Agenda  

Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and livable for all New Yorkers. Since FY23, the Governor has worked to increase housing supply to make housing more affordable by launching a $25 billion five-year comprehensive Housing Plan, enacted the most significant housing deal in decades and implemented new protections for renters and homeowners. Under Governor Hochul’s leadership, HCR has created new programs that jumpstart development of affordable and mixed-income homes for both renters and homebuyers. These include the Pro-Housing Community Program, which allows certified localities exclusive access to up to $750 million in discretionary State funding. More than 420 communities throughout the state have been certified Pro-Housing, including the city of White Plains.  

Governor Hochul’s “Let Them Build” agenda will speed up housing and infrastructure development while lowering costs through a series of landmark reforms. Common-sense changes to New York’s Environmental Quality Review Act (SEQRA) in the FY 2027 Enacted Budget as well as executive actions will expedite critical categories of projects that have been consistently found to not have significant environmental impacts, but for too long have been caught up in red tape and subject to lengthy delays.  

The enacted FY27 Budget completes the Governor’s current five-year Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations plus the electrification of an additional 50,000 homes. More than 81,000 affordable homes have been created or preserved to date. The Budget also invests $250 million in capital funding to accelerate the construction of thousands of new affordable homes. The enacted FY27 budget also further reinforces critical protections for tenants and homeowners.