MidPen Starts 2nd Phase of San Francisco Affordable Project
Upon full build-out, the multi-phase development will create 555 units.
MidPen Housing Corp. kicked off construction for Midway Village’s phase two, which is set to create 113 income-restricted units in Daly City, Calif. Completion is slated for 2027.
Devcon Construction serves as the general contractor, while David Baker Architects provided design services.
The developer also officially opened phase one, which encompasses 147 affordable units, though construction wrapped up last year.
Midway Village is a four-phase redevelopment aiming to transform an existing 1977-built San Mateo County Housing Authority community comprising 150 units. Upon full build-out, the multi-stage project will include 555 income-restricted apartments.
READ ALSO: How State and Local Initiatives Are Bridging the Affordable Housing Gap
Phase two’s units will be reserved for families earning up to a mix between 30 percent of the area median income and 60 percent of AMI. Of the 113 apartments, 29 will provide preference toward individuals with supportive housing needs through the Housing for a Healthy California program. Moreover, 76 units will benefit from Section 8 vouchers for a 20-year period.
Located at 80 Park St., the construction site is around 8 miles south of downtown San Francisco. The San Bruno Mountain State & County Park and John McLaren Park can be found within less than 3 miles.
As part of phase two’s redevelopment efforts, an existing childcare center will receive a facelift. Additional amenities are set to comprise a community room and garden, as well as a tech and reading room, among others. MidPen Resident Services will also provide part-time resident services.
In March, MidPen secured a $162.9 million financing package for the project. Wells Fargo provided $62.7 million in LIHTC equity, as well as a $76.7 million construction loan and a $23.5 million Freddie Mac tax-exempt note.
Affordable deliveries to dwindle in metro San Francisco
During the first quarter, developers brought online more than 520 units inside fully affordable projects comprising 50 or more apartments each, throughout metro San Francisco, Yardi Matrix data shows. Should market conditions hold, the figure is on track to reach 2,088 such apartments by year’s end—a 35.1 percent decrease year-over-year.
Greater San Francisco’s affordable pipeline still comprised some 6,600 units inside fully affordable projects as of May, the data provider reveals. These income-restricted apartments made up 51.7 percent of the market’s total under-construction unit count.
Tackling the affordable housing supply challenges, MidPen bolstered the metro’s pipeline with two other affordable projects during the first four months of the year—the 75-unit Casa Roseland in Santa Rosa, Calif., and the 72-unit Summer Oaks in Sonoma, Calif.
