MidPen Housing Breaks Ground on 71-Unit Cypress Point Affordable Development in Moss Beach With Wells Fargo, County of San Mateo Financing

MOSS BEACH, Calif. — MidPen Housing and its public- and private-sector partners marked the construction framing of Cypress Point on Sept. 10, 2026, a 71-unit deed-restricted affordable multifamily development at 1800 Carlos Street in Moss Beach that represents the first affordable housing project of its kind in San Mateo County's MidCoast area.

Financing for the project was provided by the County of San Mateo through its Affordable Housing Funds, the California Department of Housing and Community Development through its Joe Serna Jr. Farmworker Housing Grant Program and Multifamily Housing Program, Wells Fargo, and the California Tax Credit Allocation Committee. The California Tax Credit Allocation Committee's involvement indicates a Low-Income Housing Tax Credit allocation supporting the project's capital stack.

Project Overview and Affordability Structure

Cypress Point will deliver one-, two-, and three-bedroom apartments across 16 two-story residential buildings on an approximately 11-acre coastal site above the Point Montara Lighthouse, near Highway 1. Completion is targeted for fall 2027.

The development will serve households earning between 30% and 60% of Area Median Income — currently equivalent to roughly $46,440 to $92,880 annually for a two-person household in the area. Eighteen of the 71 units are reserved for agricultural and farmworker households, with the remaining units carrying a Coastal live/work preference that prioritizes local coastal workers and residents.

The site was designated for affordable housing more than four decades ago. Earlier planning discussions contemplated as many as approximately 148 units on the property, but MidPen reduced the unit count to 71 to address community concerns around traffic and vehicle miles traveled. The resulting density of approximately 6.5 homes per acre across the full site falls below the local plan's medium-high density designation of 8.8 to 17.4 units per acre.

Roughly half of the 11-acre site will remain undeveloped open space with walking trails. The development also includes a 3,184-square-foot community room with indoor and outdoor gathering areas, shared laundry facilities, bicycle storage, and resident parking at approximately two spaces per unit, for a total of roughly 142 spaces. The location provides access to bus lines, shops, and an elementary school.

Financing Partners and Capital Stack

Wells Fargo is participating through its Community Lending & Investment group. Daniel Perl, managing director in that group, commented on the project.

"Cypress Point will bring 71 affordable homes to a stretch of the San Mateo coast where working families have very few options, including 18 reserved for farmworker households," Perl said. "We are proud to work with MidPen Housing and its public-sector partners to help move this project from plan to construction."

The California Department of Housing and Community Development is contributing through two programs: the Joe Serna Jr. Farmworker Housing Grant Program, which targets subsidies toward agricultural worker households, and the Multifamily Housing Program. The County of San Mateo is providing support through its Affordable Housing Funds, and the California Tax Credit Allocation Committee's involvement provides the tax credit equity component of the financing structure.

Development and Management Team

Pyatok architecture + urban design is serving as architect for Cypress Point. Devcon Construction, Inc. is the general contractor. MidPen Property Management will oversee day-to-day operations of the community upon completion, and MidPen Services will provide free, on-site resident services including after-school programming, computer learning, and broader support for education, physical and mental health, and economic mobility.

Matthew O. Franklin, President and CEO of MidPen Housing, noted the extended timeline between the site's original designation and today's construction milestone.

"More than four decades after this site was designated for affordable housing, Cypress Point is becoming a reality for essential local workers and families," Franklin said. "We celebrate the many champions who made this day possible, especially the late Supervisor Don Horsley, and thank our state and county partners for their unwavering commitment to building opportunity, stability, and a place families will proudly call home for generations to come."

Market Context and Outlook

Cypress Point is the first deed-restricted affordable housing development in the MidCoast area of San Mateo County, a coastal jurisdiction where affordable rental supply has historically been extremely limited. The project's unit mix — combining farmworker-designated homes with coastal live/work preference units — is designed to address the specific workforce composition of the surrounding community.

MidPen Housing, founded in 1970, currently serves approximately 22,800 residents across 142 properties in 12 Northern California counties. The organization is developing, owning, and managing Cypress Point as part of its broader affordable housing portfolio in the region. Prospective residents may join an interest list through MidPen Housing's website.

Sources

• MidPen Housing – 71 Affordable Homes Under Construction in Coastal San Mateo County (Sept. 10, 2026)