Body of News Release
Marin County, CA – During its July 7 regular meeting, the Marin County Board of Supervisors will consider approving bond financing for part of the Oak Hill Project, a planned bayfront apartment community near Larkspur that will provide much-needed affordable homes. The proposed financing would support the Eden Housing part of the project, 115 units of affordable housing within the 250-unit development. The Eden portion will be available to anyone whose income is below the qualifying levels.
The apartments are being planned for an 8.5-acre vacant property adjacent to the Larkspur city limits at 193 East Sir Francis Drake Boulevard, just east of the Marin Country Mart shopping area. The Oak Hill Project contains two distinct communities:
- Housing for extremely low- and low-income households (115 units). The developer is Eden Housing.
- Workforce housing for local educators and County of Marin staff who meet income requirements (135 units). The developer is Education Housing Partners (EHP).
The Board will conduct a public hearing in connection with the issuance of revenue bonds, a requirement under the federal Tax Equity and Fiscal Responsibility Act (TEFRA). If the issuance is approved, up to $41 million in bonds could be issued by the California Municipal Finance Authority (CMFA) and the proceeds would be used to finance and refinance the acquisition, construction, improvement, and equipping of the new apartment complex.
The combined development would help alleviate a longstanding local housing crisis for lower-income households. Increasing affordable housing opportunities and fending off homelessness are longstanding priorities for the Board of Supervisors.
The total estimated cost of the Oak Hill project is approximately $115 million. The collaborating agencies developed a financing package proposal that blends tax credits, state and local grants, contributions from the County’s Affordable Housing Trust, Federal Community Development Block Grant and HOME Investment Partnership funds, and additional philanthropic support.
In 2026, a Marin County household of three earning approximately $151,300 meets the low-income threshold. Under Eden’s project, households of three with incomes from $56,750 to $151,300 would qualify for an Oak Hill home. Rents for a two-bedroom unit would range from approximately $1,418 to $2,836.
Representing a county with some of the highest housing costs in the nation, the Supervisors have consistently supported affordable housing proposals. Almost two-thirds of Marin County workers commute from adjacent counties, contributing to traffic and increased greenhouse gas emissions. One of the greatest barriers to turning housing proposals into reality is the rising cost of development — even after suitable sites have been identified.
In 2019, the undeveloped parcel was identified as a state-owned property that could be repurposed to alleviate the housing crisis. It was then included on the County’s inventory of potential housing sites as an attractive option because of its proximity to transportation, commerce, and services. The Oak Hill development would help the County reach its state-mandated housing goals and would provide cost-saving options for people considering jobs with local government and participating school districts as well as existing employees.
Follow the progress of the Oak Hill project on the County’s website.