### Wells Fargo Provides $162.9M Financing for Daly City Affordable Housing Project
Wells Fargo has provided $162.9 million in financing for the second phase of Midway Village, an affordable housing development in Daly City. This phase, in partnership with long-term developer MidPen Housing Corporation, will add 113 affordable housing units in a mid-rise building. The first phase, also financed by Wells Fargo, included 147 units.
The financing consists of $62.7 million in low-income housing tax credit equity and $76.7 million in construction loan financing from Wells Fargo’s Community Lending and Investment group. Additionally, Wells Fargo’s Multifamily Capital group provided a $23.5 million Freddie TEL takeout loan.
The property will feature rent-restricted units for households earning between 15% and 60% of the area median income. Notably, 29 units are designated under California’s Housing for a Healthy California program, offering permanent supportive housing for formerly homeless individuals with significant healthcare needs.
