Larkskpur Apartment Complex Meant For Middle-Income Housing Sold After Project Fails

CBS Bay Area

April 15, 2026

Across the Bay Area, cities and counties have begun focusing on creating housing for middle-income people, not just the poorest of the poor. But now there is a warning from one small North Bay city that wishes it had paid more attention to the details of the deal.

In 2019, a company called Catalyst Properties approached the city of Larkspur with an idea. They convinced the city to pair up with a newly formed organization called California Community Housing Authority, or CalCHA, to create tax-free bonds as a way to purchase existing apartment complexes, turning them into middle-income affordable housing.

"CalCHA, when it purchases a property within a member jurisdiction's boundaries, the project becomes tax exempt," said Larkspur's mayor, Stephanie Andre.

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