MARIN COUNTY, CA — Marin County supervisors will Tuesday whether to approve up to $41 million in bond financing for the affordable housing portion of the long-planned Oak Hill development near Larkspur.
The proposed financing would support construction of 115 affordable apartments by nonprofit developer Eden Housing on an 8.5-acre vacant site at 193 East Sir Francis Drake Blvd., just east of Marin Country Mart.
The public hearing is required under the federal Tax Equity and Fiscal Responsibility Act before the California Municipal Finance Authority can issue the revenue bonds. If approved, the bond proceeds would help finance construction of the affordable housing complex.
Oak Hill has been years in the making and is planned as a 250-unit mixed-income community designed to address Marin County's severe housing shortage. In addition to the 115 affordable apartments, the project includes 135 workforce housing units for local educators and Marin County employees who meet income requirements.
County officials said the development will help address one of Marin's biggest challenges: a lack of affordable homes for workers. Nearly two-thirds of Marin County employees commute from neighboring counties, contributing to traffic congestion and greenhouse gas emissions.
The estimated cost of the full Oak Hill project is about $115 million. In addition to the proposed bond financing, the project is expected to be funded through a combination of tax credits, state and local grants, federal housing funds, contributions from the county's Affordable Housing Trust Fund and philanthropic support.
According to the county, a three-person household earning up to about $151,300 annually qualifies as low income in Marin County. Under Eden Housing's proposal, households earning between about $56,750 and $151,300 would be eligible for the affordable units. Estimated monthly rent for a two-bedroom apartment would range from about $1,418 to $2,836.
State officials identified the property as a potential housing site in 2019, and the county later added it to its housing inventory because of its proximity to transit, shopping and services. Officials say the development will also help Marin meet state housing production requirements while providing more affordable options for local workers.
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