Wells Fargo Funds Record $360M for Queens Affordable Housing Project by Related & Sterling Equities

Wells Fargo's Community Lending and Investment (CLI) has orchestrated a game-changing financial boost, funneling $360 million into the Willets Point Phase 1A project in Queens. This marks a watershed moment, as it stands as the most significant 100% affordable housing initiative in the Big Apple in over four decades.

A Beacon of Hope in Queens

In a landmark collaboration between The Related Companies and Sterling Equities, the Willets Point Phase 1A development is more than a construction project—it's a promise of diverse living spaces. The 880 units on the horizon aim to cater to residents spanning the income spectrum, targeting individuals with earnings ranging from 30% to 120% of the area median income. Notably, a segment is dedicated to providing a home for those who were once homeless.

The Grand Vision of Transformation

This initial phase isn't just about housing; it's the opening act of a grand transformation. The broader vision, led by The Related Companies and Sterling Equities, aims to breathe new life into underutilized land. The ambitious venture envisions a sprawling community comprising 2,500 affordable units, along with educational, recreational, and hospitality spaces. A school, a hotel, and even a soccer stadium for New York City's MLS team are part of this transformative narrative.

CLI’s Strategic Role

As the administrative agent overseeing a substantial $236.5 million construction facility, CLI is not merely a financial institution; it's a strategic partner in this visionary endeavor. Adding to the financial arsenal, CLI has also injected $123.5 million through Low-Income Housing Tax Credit investment. However, it's not a solo act—The City of New York is a pivotal player, pledging over $420 million to underpin both housing development and critical infrastructure enhancements.

A Resolute Step Towards Urban Renewal

In a city where space is precious and affordable housing is elusive, the Willets Point Phase 1A development emerges as a beacon of urban renewal. With Wells Fargo’s CLI at the forefront and a consortium of visionaries steering the ship, this project not only addresses the immediate need for housing but sets the stage for a broader, more inclusive urban landscape in the heart of Queens.