Westchester County has a new tool to help affordable housing projects actually get off the ground: up to $50,000 in short-term loans to cover the early planning costs that often kill projects before construction ever begins.

What the money actually covers.

The new Predevelopment Revolving Loan Fund, administered by Community Capital New York, pays for feasibility studies, architectural and engineering work, environmental assessments, legal fees, permitting and planning — the unglamorous groundwork that has to happen before a shovel ever hits dirt. It's open to private developers, nonprofits, faith-based institutions, and minority- and women-owned developers anywhere in the county. As borrowers repay their loans, the money cycles back into the fund to help fund the next project.

Why this matters right now.

Housing costs locally make the case on their own: Rye's median list price hit $3.5 million in February, Rye Brook's average home value topped $1.27 million by June, and countywide active listings dropped roughly 67% between 2019 and late 2025. "Too many promising developments stall because they cannot secure financing for critical planning and predevelopment work," County Executive Ken Jenkins said. "This revolving loan fund helps bridge that gap by providing flexible capital that will allow more projects to move forward."

Who's running it, and why it's aimed at the earliest stage.

Planning Commissioner Blanca Lopez said the fund targets the point in a project's life when strategic planning and technical help matter most, aiming to build a stronger pipeline of affordable housing overall. Community Capital New York, a certified community development lender with 38 years of predevelopment experience, will handle applications, underwriting and technical support. The county also flagged a specific use case: faith-based institutions sitting on underused land. Kym McNair, the county's director of faith-based initiatives, said the fund gives congregations real resources to explore building affordable housing on their own property.

Who it's ultimately meant to help.

The fund targets housing for working families, seniors, and low- and moderate-income residents. Loan terms, interest rates and application deadlines haven't been published yet; details are available at communitycapitalny.org.