Community Capital was created as the Westchester Housing Fund in 1989 by a United Way Task Force that grew out of the Commission on Homelessness. The Task Force identified the lack of pre development funds as the biggest obstacle to the creation of affordable housing that developers faced.
Community Capital began to provide the critical “gap” financing to a wide variety of projects meeting the diverse housing needs Westchester’s workforce. While we represented a small portion of total development funds, Community Capital began to provide the catalytic capital that was needed to get housing development off the ground.

Low cost pre-development loans, at the very earliest stages of housing development make it possible to move projects to the point where they can seek both subsidies and conventional financing

Over the past two decades, Community Capital has helped develop more than 2,300 affordable homes to serve the needs of residents, in not only Westchester, but in Orange, Rockland, Dutchess, Putnam, Sullivan and Ulster counties. Our affordable housing program gives low to moderate income families and individuals the chance to live in safe, decent, affordable housing in the communities where they grew up, currently work or hope to retire.
In 2003, Community Capital made its first small business loan. At that time, CCNY had been a successful housing lender for over a decade and was approached by key community leaders who asked the organization to apply its expertise to small business lending. Beginning with a modest grant of $15,000, Community Capital began to offer small loans to start up entrepreneurs.

Several factors make small business loans unattractive to mainstream finance, namely: the small size of the loans; the assistance that new entrepreneurs need to put together a strong loan application; the limited interest rates early stage businesses can support and the inherent risk in these loans.

In 2007, CCNY was certified by the US Small Business Administration as the SBA Micro Lender for the lower Hudson Valley. At present, CCNY makes loans of up to $50,000 for startup businesses and up to $250,000 for established businesses in a six county service area: Dutchess; Orange; Putnam; Rockland; Ulster and Westchester.
To date, Community Capital has made $2.17 million in loans to more than 140 start-up or existing businesses. These small businesses contribute to the creation or retention of close to 350 jobs. Our clients, predominantly women and minority owned businesses, run the small, thriving enterprises that form the backbone of the Hudson Valley economy .