New York State Homes and Community Renewal (HCR) has closed construction financing on North White Plains, a $178 million mixed-use, transit-oriented development in Westchester County — marking the first project to close under the state’s Housing Acceleration Fund. Developed by BRP Companies, the project will deliver 296 mixed-income apartments directly across from the North White Plains Metro-North Station.

HCR Commissioner RuthAnne Visnauskas announced the closing on July 30, 2026, positioning it as an early proof point for the fund, which launched last year to provide self-sustaining, low-cost loans to shovel-ready housing projects.

A revolving loan structure built for speed

Rather than a one-time grant, the Housing Acceleration Fund issues low-interest loans that HCR recoups with three-percent interest once a project is complete, then redeploys into other developments. The fund contributed $18 million to North White Plains’ capital stack. HCR projects the program will generate $1 billion in economic investment across New York communities as it cycles through additional projects.

The remainder of North White Plains’ financing came from $120.6 million through Merchants Capital, $10 million from The Community Preservation Corporation, and $29.7 million in equity from Basis Investment Group and BRP Companies.

Mixed-income units near transit

Of the 296 studios, one-bedroom, and two-bedroom units, 30 will be designated affordable: five reserved for households earning between 50 and 60 percent of Area Median Income, and 25 for households earning up to 110 percent of AMI. The site sits within walking distance of dining, a pharmacy, and other retail, in addition to its direct proximity to the Metro-North station.

Seven Smith, partner at BRP Companies, described the project as reflecting a development approach centered on connecting residents to housing, transit, and opportunity, and also credited the financing partners for making the vision possible.

All-electric design targets efficiency standards

North White Plains will run entirely on electric systems, skipping fossil fuel-fired equipment in favor of high-efficiency heat pumps for heating and cooling. Also, BRP Companies designed the development to meet or exceed ENERGY STAR Multifamily New Construction standards and the technical requirements of LEED v4 for Homes Multifamily Midrise, and plans to add electric vehicle charging stations.

The building will offer a fitness center, resident lounge, co-working space, event space, and a landscaped courtyard, along with roughly 1,000 square feet of ground-floor retail space earmarked for a coffee shop. The development will also add a 15,000-square-foot publicly accessible park with a dog run and a 383-space parking garage. Construction begins this summer.

Part of a larger statewide financing push

North White Plains advances Governor Hochul’s $25 billion, five-year Housing Plan, which aims to create or preserve 100,000 affordable homes statewide; more than 81,000 have been created or preserved to date, according to HCR. The plan also includes electrifying 50,000 additional homes and $250 million in capital funding to accelerate construction of new affordable housing.

White Plains is among more than 420 communities across the state certified under HCR’s Pro-Housing Community Program, which gives certified localities exclusive access to up to $750 million in discretionary state funding.

Additionally, the North White Plains’ closing follows a broader pattern of HCR-backed affordable housing financings moving forward across the state, including a $269 million construction loan closed for the Parkside Commons redevelopment in Syracuse, which will deliver 393 affordable apartments on the city’s East Side, and the new affordable housing project in Kingston, which broke ground on July 28, 2026.

Project factsheet: North White Plains

• Location: Across from North White Plains Metro-North Station, Westchester County
• Total cost: $178 million
• Total units: 296 mixed-income apartments (30 designated affordable)
• Developer: BRP Companies
• Financing: $120.6M Merchants Capital, $18M HCR Housing Acceleration Fund, $10M Community Preservation Corporation, $29.7M equity (Basis Investment Group, BRP Companies)
• Construction start: Summer 2026
• Sustainability: All-electric, ENERGY STAR Multifamily New Construction, LEED v4 Homes Multifamily Midrise
• Amenities: Fitness center, co-working lounge, 15,000-sq-ft public park, 383-space parking garage, ground-floor retail