Marin County Public Financing Authority

Oak Hill Apartments is a 100% affordable housing development located on an 8-acre, state-owned site in Marin County. Developed by Education Housing Partners (EHP) and Eden Housing, Inc., the project will deliver 250 new apartments across two buildings.

• Workforce Housing by EHP: 135 rental units for income-qualified teachers, school staff, and County of Marin employees (affordable to households earning 50%–80% of Area Median Income or AMI).
• Family Housing by Eden Housing: 115 rental units for extremely low- to low-income families (30%–60% of AMI).

The State of California provided the land under a ground lease at $1 per year, making this a rare opportunity for long-term affordable housing investment in Marin.

After working for the past year to create a balanced budget plan, the balanced project budget includes state grants, low-interest philanthropic loans, County contributions, and bond proceeds. The total estimated cost of the Oak Hill Project is approximately $124.18 million with sources and uses summarized as follows:

Sources and Uses (in millions)

*CMAR contract includes $2.1 million contingency

**This figure includes $1M Developer Deferral

To fund this effort, the Marin County Public Financing Authority (MCPFA), a joint powers authority formed by the County of Marin and the Marin County Office of Education—will issue long-term bonds.

Link to the proposed Oak Hill Workforce Housing project pro forma.

• The Affordable Housing Guarantor Financing Program (the “Program”) has the County serve as an “Umbrella Guarantor” for the bonds. The County then enters sub-agreements with each of the participating school districts or agencies to guarantee rents for each of their allotted units. This financing model is designed to reduce bond interest rates. It will:
  • Reduce borrowing costs.
  • Lower monthly rents.
  • Reduce financial risk for participating school districts.
• Marin County Office of Education, Marin County, Novato Unified School District, San Rafael City Schools and the College of Marin have taken the first step to consider joining this program.

The program offers multiple benefits:

• Lower housing costs support staff recruitment and retention.
• Shorter commutes improve employee wellness and school engagement.
• Reduced HR and training costs by limiting turnover.
• Reduced financial risk to school districts compared to self-managed developments.

Districts can offer affordable, turnkey housing without bearing the costs of building or managing it.

Built-in risk-reduction strategies include:

• Units priced at approximately 30% below market rates reduce vacancy risks.
• Waiting lists and flexibility to allocate unfilled units to other public agency employees.
• Professional property management to reduce administrative burden.
• Districts can choose how many units to reserve for their employees.
• Districts can transfer up to 36 units of housing to the County of Marin.
• No construction risk for Guarantors.
• Other income-qualified residents are eligible to fill vacant units.

Oak Hill leverages lessons learned from previous efforts:

• Deeply affordable rents (50%–80% AMI) ensure strong leasing interest.
• Centrally located site near transit, shopping, and schools.
• Purpose-built design with high-quality, shared amenities.

In contrast, the less successful workforce housing projects have charged near-market rents and experienced higher vacancies.

Eligibility will be done by MCPFA’s selected property manager consistent with MCPFA guidelines:

• Units reserved for teachers and staff in Marin County school districts and the College of Marin.
• Units reserved for County of Marin employees.
• Residents must meet income eligibility requirements.

The MCPFA will initiate a competitive Request for Proposals (RFP) process to hire a qualified professional property management firm.

• Permitting phase: Completed.
• Construction start: TBD.
• Construction duration: ~Approximately 27 months.
• Estimated occupancy: TBD.

Oak Hill integrates environmentally responsible design:

• Energy: Rooftop solar panels, energy-efficient lighting/appliances, dual-glazed low-E windows.
• Water: Low-flow fixtures, drought-tolerant landscaping, high-efficiency irrigation.
• Mobility: Bicycle storage, EV charging stations.
• Stormwater: Bio-retention and filtration systems.

Yes. Oak Hill offers excellent public transit access:

• Larkspur Landing Ferry Terminal – ~1 mile.
• Larkspur SMART Station – ~1 mile.
• Bus stops nearby along East Sir Francis Drake Blvd.

Its central location is ideal for commutes throughout Marin County.