**Wells Fargo Provides $162.9M for Second Phase of Midway Village in Daly City**
Wells Fargo has extended $162.9 million in financing for the second phase of Midway Village, an affordable housing development in Daly City, in partnership with long-term developer MidPen Housing Corporation. This phase will add 113 units in a mid-rise building, complementing the 147 units developed in the first phase with Wells Fargo’s support.
The bank’s Community Lending and Investment group contributed $62.7 million in low-income housing tax credit equity and $76.7 million in construction loan financing. Additionally, Wells Fargo’s Multifamily Capital group provided a $23.5 million Freddie TEL takeout loan.
The new units will be rent-restricted to households earning between 15% and 60% of the area median income. Of these, 29 units are designated under California’s Housing for a Healthy California program, providing permanent supportive housing for formerly homeless individuals with significant healthcare needs.
