The Community Lending and Investment division of Wells Fargo has reached a new milestone, $780.3 million in construction financing for affordable housing projects in New York City and Westchester County. The figure represents five loans, all closed in June 2023, the company’s largest-ever half-cycle allocation.
The affordable housing lottery has launched for 514 Herkimer Street, an eight-story residential building in Bedford Stuyvesant, Brooklyn. Designed by ARC Architecture + Design Studio and developed by Oren Shalev under the 514 Herkimer LLC, the structure yields 15 residences. Available on NYC Housing Connect are five units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $82,286 to $165,230.
The affordable housing lottery has launched for Garden Towers, a new affordable housing building for seniors, located at 1323 Boston Road and 1332 Clinton Avenue in Morrisania, Bronx. Designed by Newman Design Architects and developed by Foxy Management, the seven- and eight-story residential structures yields 150 residences total. Available on NYC Housing Connect are 104 units for residents at 50 percent of the area median income (AMI), ranging in eligible income from $0 to $63,550.
Rockabill Consulting has closed on an $89 million financial package to facilitate completion of 671 Tinton Avenue, a new affordable housing property in the South Bronx. The development, known as St. Anselm Apartments, is located in the Woodstock neighborhood and will comprise 126 apartments, including 63 supportive housing units.
The affordable housing lottery has relaunched for 142 Richards Street, a four-story residential building with units still available in Red Hook, Brooklyn. Designed by OCV Architects and developed by Cheever Development, the structure yields 17 residences. Available on NYC Housing Connect are four units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $88,972 to $198,250.
