Marin County is mulling over a plan that could see it help finance 34 affordable homes designated for its workers. The homes would be part of the 135-unit Oak Hill Workforce Housing Project on a now-empty slice of land between San Quentin Village and the Larkspur Landing area. The plan is set for review during the upcoming Marin County Board of Supervisors meeting on Tuesday, according to Marin County's announcement. Teachers, school staff, and other eligible county employees could snag a below-market-rate home if they fit the income requirements.
The Oak Hill venture, which has been in the planning phase for about five years, is facing a $16.4 million shortfall, primarily driven by high interest rates. To help bridge around $10 million of this gap, the county is considering becoming a guarantor to secure reduced interest on project bonds. According to the Community Development Agency staff report, this move could help ensure the project aligns with Marin's median income. With some of the nation's most soaring housing costs, Marin County's leaders have steadily backed affordable housing concepts. The guarantor model could lower borrowing costs enough to make constructing these much-needed homes a reality. Joining the county as potential guarantors are various local school districts, the College of Marin, and the Marin County Office of Education, all delving into what it would mean for them to back a share of the Oak Hill homes.
In 2019, the county flagged the state-owned parcel pending development as prime real estate for easing the local housing crunch owing to its proximity to transit and other amenities. The effort at Oak Hill stands to help Marin County meet state-mandated housing targets and could offer more affordable living options for people eyeing roles or already serving in local government and schools.
The Marin County Public Financing Authority, a collaborative body formed in 2023 by the County of Marin and the Marin County Office of Education, spearheads the Oak Hill project. Since the State of California holds the deed to the land, it plays the main role in approvals and reviews needed before construction. However, the development rights are assigned to the JPA, which plans to issue tax-exempt bonds to fund the building phase and will subsequently hold the lease. The state has roped in two housing agencies, Eden Housing, and Educational Housing Partners, to manage and carry out the project. Households earning between $88,150 and $141,040 annually could qualify for a spot, with rents for a two-bedroom unit estimated to fall between roughly $1,836 and $2,938. A county employee survey garnered interest from 269 workers eager to rent at Oak Hill once it's up and running.
