According to eastbaytimes.com, San Mateo County has secured a $14 million loan to advance its largest affordable housing initiative, the Midway Village redevelopment in Daly City. This project will add 555 new units, significantly contributing to the county’s goal of building 2,833 homes by 2031. With 60% of these units designated for very-low to moderate-income households, the development addresses a crucial need in the region.
The project, spearheaded by nonprofit developer MidPen Housing, is set to transform the area near the Cow Palace. Phase 1, completed in May 2024, introduced 147 affordable units, while Phase 2 will provide an additional 111 units. Notably, 29 of these units are allocated for participants in the county’s Behavioral Health and Recovery Services program, which supports individuals with psychological and social needs.
This funding is especially timely following a recent fire that halted the construction of 179 units in North Fair Oaks. The Midway Village project will feature essential amenities such as child care, a community garden, a gym, meeting rooms, and parks, with future phases offering homeownership opportunities.
The county's updated housing plan is under review for state certification, focusing on improving housing access and addressing infrastructure concerns. This initiative marks a significant step towards enhancing affordable housing in San Mateo County.
For personalized assistance with local real estate developments and opportunities, сontact Benson Group today. We are ready to help you navigate the evolving market and find the perfect solution for your needs. ----------
Source: eastbaytimes.com
Comments