Wells Fargo Backs Major Affordable Housing Project in Queens, New York
In a significant move for affordable housing in New York City, Wells Fargo’s Community Lending and Investment (CLI) division has secured substantial financing for a groundbreaking development in Queens. The project, christened Willets Point Phase 1A, is set to be one of the largest affordable housing initiatives in the city in over forty years, boasting a total of 880 units. These units will serve a wide spectrum of income brackets, specifically catering to those earning 30-120% of the area median income (AMI).
Inclusive Development with a Human Touch
Willets Point Phase 1A stands apart in its inclusive approach. The project has earmarked 133 units for individuals who have previously experienced homelessness. This humanitarian touch extends further, with two prominent non-profit organizations, Breaking Ground and Women in Need, committed to providing supportive services for the residents.
A Broader Vision for Revitalization
The project is just the beginning of a more extensive joint venture spearheaded by The Related Companies and Sterling Equities. The ambitious plan aims to breathe new life into underutilized land, with the blueprint including the production of 2,500 affordable housing units spread across six apartment buildings. The comprehensive plan also encompasses the creation of a hotel, a public school, and a soccer stadium for New York City’s Major League Soccer team.
Funding the Future of Housing
To bring the vision of Willets Point Phase 1A to fruition, CLI is handling a $236.5 million construction facility and has invested $123.5 million through Low Income Housing Tax Credits. The City of New York has also shown significant commitment to the initiative, injecting over $420 million into not just the housing development, but also considerable site infrastructure improvements.
In a recent development, Queens Borough President Donovan Richards has approved Phase II of the Willets Point redevelopment plan. This phase will add 1,400 units of affordable housing near Citi Field, along with a 25,000 seat soccer stadium, a 250-room hotel, a 650-seat public school, retail space, and nearly three acres of open space. The approval followed a hearing where local residents provided testimony, and the applicant team addressed public queries.
Source: bnnbreaking.com
