DALY CITY, CALIF. — Wells Fargo has provided a total of $162.9 million in financing for Phase II of Midway Village, an affordable housing project in Daly City, roughly 8 miles south of San Francisco. MidPen Housing Corp. is the borrower and developer.
Phase II of Midway Village will consist of 113 units of affordable housing within one mid-rise building. Wells Fargo also provided financing for the first phase of the project, which features 147 units. Phase I of the community opened in fall 2023.
The community will be rent restricted between 15 and 60 percent of the area median income. Of the total unit count, 29 residences will be set aside under the state’s Housing for a Healthy California program, which provides permanent supportive housing for formerly homeless households with significant health-care needs. Additionally, the Housing Authority of the County of San Mateo has provided a Project-Based Section 8 Contract that will cover 76 units for an initial period of 20 years.
Tenants will have access to amenities such as an on-site childcare center, community room, resident services, community garden, barbeque and picnic area and a technology/reading room. MidPen Resident Services will also be providing a part-time service coordinator, who will administer supportive programming for all residents.
Wells Fargo’s Community Lending and Investment group provided $62.7 million in low-income housing tax credit equity and $76.7 million in construction financing for the project. Additionally, Wells Fargo’s Multifamily Capital group provided a Freddie Mac tax-exempt loan takeout of $23.5 million.