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Two apartment projects hit milestones in Westchester County this month. Both sit beside a Metro-North station. Both were announced as affordable. One cost about $700,000 for every income-restricted apartment it will produce. The other cost about $5.9 million, roughly 8.5 times more.
This week we run the arithmetic nobody publishes, decode what 110% of Area Median Income actually means in dollars here, and find the thing that reframes the whole story: New York's $215 million Housing Acceleration Fund has no statewide affordability requirement at all. It's in the program's own funding notice.
In This Episode
(0:00) Cold Open: two buildings, one word, an 8.5x gap
(0:30) Intro and Context: what total development cost actually measures
(1:30) The Data: QWest Towers, North White Plains, and what 110% AMI costs
(3:30) The Surprise: the Housing Acceleration Fund's own funding notice
(5:00) What This Means for You: the two questions to ask about any project
(6:00) Close
In Mount Vernon, QWest Towers topped off on August 12. The two-tower project on North MacQuesten Parkway, developed by Simone Development Companies and the Stagg Group, is described by the Office of Governor Kathy Hochul as a roughly $160 million development delivering 229 apartments. All of the apartments are income-restricted, at 40% to 80% of Area Median Income, with no market-rate component.
In North White Plains, New York State Homes and Community Renewal announced the first-ever closing under the state's Housing Acceleration Fund: a $178 million mixed-use project across from the North White Plains Metro-North station, developed by BRP Companies, delivering 296 apartments. Thirty are designated affordable: five at 50% to 60% of AMI, and twenty-five at up to 110% of AMI.
Westchester County's own 2026 Income and Rent Program Guidelines publish no 110% tier, moving from 100% of AMI at $169,600 for a four-person household straight to 120% at $203,550. The Census Bureau's American Community Survey places Westchester County's median household income at $118,976.
Sources: New York State Homes and Community Renewal (Housing Acceleration Fund Notice of Funding Availability and first-project announcement), Office of Governor Kathy Hochul, Westchester County 2026 Income and Rent Program Guidelines, U.S. Census Bureau American Community Survey, RentCafe, Yonkers Times, citybiz, Connect CRE.
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