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WF Financing Largest NYC Affordable Housing Development in 40 Years
Wells Fargo’s Community Lending and Investment (CLI) has arranged a $360 million financing for Willets Point Phase 1A in Queens, marking the largest 100% affordable housing project in New York City in four decades.
The development, spearheaded by a collaboration between The Related Companies and Sterling Equities, is set to offer 880 units in Queens, prioritizing residents earning between 30-120% of the area median income, with a portion dedicated to formerly homeless individuals. This initial phase signifies the start of a larger transformative venture aiming to revitalize underused land, ultimately providing 2,500 affordable units across multiple buildings, a school, hotel, and a soccer stadium for the NYC MLS team.
CLI is the administrative agent on a $236.5 million construction facility and provided a $123.5 million Low-Income Housing Tax Credit investment. Further, the City of New York has committed over $420 million to the project to support both the housing and major site infrastructure improvements.
- ◦Financing
