The County of Marin and its partners will be bringing upbeat news to the September 25 meeting of the Marin County Public Financing Authority.
Championed by state Senate President Pro Tem Mike McGuire, the final state budget bill included $7.5 million to support the Oak Hill Workforce Housing Project, a 135-unit, 100% affordable planned development on a former state parcel between near the Larkspur Ferry Terminal and Marin Country Mart shopping area. The planned development includes affordable housing for educators, school support staff, public employees and families with incomes 50% to 120% of Area Median Income. Eden Housing is also partnering to develop an additional 115 units for extremely low- and low-income households on the property. In total, 250 new affordable units would be built.
McGuire made the announcement via a news release September 17, shortly after Governor Gavin Newsom signed the budget follow-up “trailer bill” that included support for the Oak Hill project.
Marin County Executive Derek Johnson said Senator McGuire, who represents Marin County and the rest of District 2 at the Capitol in Sacramento, has championed this project from its start in 2020, when he secured the state surplus land for development.
“We are deeply grateful to Senator McGuire for championing this funding and for demonstrating leadership that has been essential in moving this project forward,” Johnson said. “This critical state support means we can close the financing gap on the 135 units of school workforce housing and we can bring this transformative and innovative development project forward. This is a first-of-its-kind model for Marin County.”
The Marin County Public Financing Authority is a joint powers authority (JPA) formed in 2023 and acting on behalf of agencies participating in the creation of the apartments. The agencies are the County of Marin and the Marin County Office of Education, and the affordable rental units will be dedicated as workforce housing for employees working for the two partners.
Two nonprofit housing agencies are planning to build the residential community for two populations: Educators, school support staff and County staff who meet income requirements (135 units); and other extremely low- and low-income households (115 units). Under the proposal, households of three with incomes from $88,150 to $141,040 would qualify for an Oak Hill home. Rents for a two-bedroom unit would range from approximately $1,836 to $2,938.
The 135-units of educator housing at Oak Hill, now five years into planning, has a total estimate cost of about $120 million. It has faced a funding gap primarily because of increased interest rates since the project began in 2020. The JPA will issue bonds to fund the majority of the project, supplemented by state and local grants and low-interest loans.
Marin has some of the highest housing costs of any county in the nation. Almost two-thirds of County of Marin workers commute from adjacent counties, which contributes to traffic, increased greenhouse gas emissions, and quality-of-life challenges. In a recent County of Marin employee survey, 269 workers expressed interest in renting an affordable home at Oak Hill once construction is completed.
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