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.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.