Body of News Release
Marin County, CA – Nine more Marin County homes will be preserved for lower-income households now that the Marin County Board of Supervisors has approved an allocation from the County’s Affordable Housing Trust.
A $450,000 grant, approved during the Board’s December 10 meeting, will go to the San Rafael-based nonprofit Canal Alliance so it can acquire the multifamily property at 1400 Lincoln Avenue in San Rafael. The project aligns with the County's affordable housing goals and the criteria for tapping into the trust, which include increasing housing opportunities for low-income residents and preserving existing affordable units.
The property is occupied by tenants whose income levels are estimated to be below 60% of the average median income (AMI) for a Marin household. Canal Alliance plans to adjust rents to align with 60% AMI income levels, ensuring long-term affordability for the occupants. The 60% level ranges from an annual household income of $82,260 for one person up to $117,480 for four people.
Already contractually tied to the property at Lincoln and Paloma avenues, Canal Alliance expects the total acquisition cost to be about $3.1 million. The additional funding would come from the City of San Rafael and other nonprofit partnerships. The County’s support amounts to $50,000 per housing unit.
The Marin County Community Development Agency, which manages use of the Housing Trust, said the property was in a vulnerable state; it could be sold to private investors and converted into market-rate housing, displacing current tenants, and reducing the local stock of affordable housing. The Housing Trust Fund balance was just short of $13.9 million prior to the December 10 allocation.
“Canal Alliance’s stewardship will ensure long-term affordability and prevent displacement of low-income families in an area facing high rents and high demand,” said CDA Principal Planner Jillian Zeiger. “This intervention will ensure diverse and equitable access to the homes and help tenants overcome barriers to housing. Supporting this acquisition aligns with the County’s commitment to equity, inclusion, and fair housing.”
In another housing-related item on December 10, the Board approved a contract with nonprofit EAH Housing for $221,175 to support renovation costs at the Point Reyes Affordable Homes, a 27-unit affordable housing development built in 2005. The funds come in the form of a community development block grant (CDBG) and supplement a $667,672 investment from 2005 via the HOME Investment Partnership Program.
CDA’s Federal Grants program prioritizes funding for projects that affirmatively further fair housing and serve low-income households.