The Housing Flex Fund (“Flex Fund”, or “HFF”) Program was established in 2023 by the County of Westchester. HFF is a new affordable housing production tool that builds on the strengths of Westchester County’s existing subsidy programs to increase affordable units across the County. The Flex Fund is made possible by a $100M contribution of American Rescue Plan Act (ARPA) funds over two years. HFF is projected to double the County’s typical annual affordable homes production by efficiently financing affordable housing units and prioritizing amenity-rich, transit-oriented areas.
The Housing Flex Fund will focus on four main project types to achieve immediate impact and expedite the delivery of new affordable housing units:
- Last stop financing for stalled Low-Income Housing Tax Credits (“LIHTC”) developments,
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New gap source for future rental affordable housing developments of varying size, including new LIHTC and non-LIHTC developments, supportive housing, and affordability preservation projects, and
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Developments under construction or recently completed seeking funds to close gaps caused by construction cost and/or interest cost increases that create additional affordable homes.
- New development in areas of opportunity with limited supplies of affordable housing.
The County anticipates that applicants will use HFF funds in conjunction with other County, State and Federal affordable housing programs. County programs include New Homes Land Acquisition (NHLA), Housing Implementation Fund (HIF), and HOME Investment Partnership Program (HOME), and tax-exempt financing, tax exemptions and abatements from the Westchester County Industrial Development Agency (IDA) lending and tax incentive programs.
Additional Information
For additional information contact Leonard Gruenfeld at 914-995-2409 or