Affordable Condos to be Sold in Drawing

A new 82-unit condominium project is nearing completion at 33 San Pablo Ave. across from the Marin County Civic Center.

The project, by the Monahan Pacific Corp. of San Rafael, includes 16 affordable units that will be sold by lottery on Oct. 1.

The Marin Housing Authority is handling the sale of the low- and moderate-income units to first-time home buyers. There are eight one-bedroom homes priced at $152,000 and  eight two-bedroom units priced at $270,000.

Carmen Hall Soruco, home ownership program specialist with Marin Housing, said the units will be comparable to the market-rate condos but will be the smaller-sized ones.

The Marin Housing Authority is a public-benefit corporation that administers federal Section 8 program funding. Soruco said it manages the sales and resales of affordable housing.

San Rafael has the highest number of affordable units in the county, Soruco said. 

To qualify for a one-bedroom condo at a below market rate, a buyer must earn no more than 80 percent of the county's median income. Two-bedroom units will be sold only to households with two or more members that earn no more than 120 percent of the median income.

Potential buyers will not have the opportunity to preview the units until early October, Soruco said. 

Applications for the drawing must be submitted by Sept. 24 and must include a $25 fee and loan pre-approval from one of the housing authority's participating lenders.