$178M North White Plains Project Is First To Use New York's Housing Acceleration Fund

WHITE PLAINS, NY — A new multimillion-dollar development is the first in the state to use a new funding source from Albany.

Construction has started on North White Plains, a $178 million mixed-income development that will bring 296 apartments to the city of White Plains next to the North White Plains Metro-North station, according to Gov. Kathy Hochul's office.

The project will include two six-story buildings, retail space, and a publicly accessible park. The massive project is the first development to use the Housing Acceleration Fund, a program intended to move shovel-ready, mixed-income housing projects into construction.

New York State Homes and Community Renewal has created or preserved more than 4,600 affordable homes in Westchester County, according to the governor's office. The administration said the North White Plains project is part of the state's $25 billion, five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide.

"To combat the state's housing crisis and deliver more housing options for New Yorkers, we have to be creative and use every resource at our disposal to accelerate new development," Hochul said. "Today we're putting shovels in the ground on a great new housing development in Westchester that hundreds of households can soon call home. With smart, innovative programs like the Housing Acceleration Fund, we're delivering projects like this to New Yorkers even faster. That's how we build an affordable and more liveable New York."

Developed by BRP Companies, the project will include a mix of studio, one-bedroom, and two-bedroom apartments. Five of the affordable homes will be reserved for households earning up to 60 percent of Area Median Income, and 25 will be reserved for households earning up to 110 percent of Area Median Income. The remaining apartments will be market-rate.

The site is adjacent to the North White Plains Metro-North station. The state said the location is intended to connect residents to jobs in Westchester County and New York City while supporting a walkable, transit-oriented lifestyle near dining and retail.

Amenities will include a fitness center, resident lounge, co-working lounge, event space and patio. Plans also call for a 1,000-square-foot, ground-floor retail space envisioned as a coffee shop, a publicly accessible park with a dog run, and a 383-space parking garage.

The all-electric development will use electric heat pumps for heating and cooling, include electric vehicle charging, and is designed to meet or exceed Energy Star multifamily new construction standards. Financing 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 Investment Group and BRP Companies.

"Breaking ground on North White Plains marks an exciting step forward in expanding affordable housing opportunities in Westchester County," Westchester County Executive Ken Jenkins said. "This new development will bring nearly 300 homes to a very desirable, transit-oriented location, creating more availability for people of different income levels to live and work in our County. This project will strengthen our communities and support our County's continued growth, and I thank Governor Kathy Hochul, BRP Companies and all of our partners who helped bring this important investment to Westchester."