San Rafael, CA – The Marin County Board of Supervisors approved a $4 million loan from the County’s Affordable Housing Fund on January 31 so a nonprofit housing development and management company can buy and refurbish an 80-unit complex in Fairfax, preserving it for lower-income residents.
Sherwood Oaks Apartments in Fairfax MidPen Housing Corporation will receive the loan from the Affordable Housing Fund, designed to support multifamily projects throughout Marin that house those earning at or below 80% of the area median income, or about $149,100 for a household of four. Marin, one of the most expensive housing markets in the country, is experiencing a severe shortage of homes for lower-income households.
The funding is earmarked for Sherwood Oaks Apartments at 200 Bolinas Road in downtown Fairfax, walking distance from grocery stores, parks, and public transit and situated in a highly regarded school district. MidPen, based in San Mateo County, is seeking additional grants and loans to complete its first acquisition in Marin.
The County’s loan is coordinated by the Marin County Community Development Agency (CDA) Housing and Federal Grants Division. The fund helps the County leverage additional state, federal and philanthropic dollars to increase the supply of affordable homes in Marin. MidPen’s acquisition of Sherwood Oaks will make the units permanently affordable with restrictions to prevent future displacement of existing residents and add to inventory of homes deemed affordable compared with the rest of Marin.
With social equity and reduction of greenhouse gas emissions as driving motivations, the County has a long track record of effective use of the Affordable Housing Fund. CDA strives to work with nonprofits that foster diverse communities and allow residents from all backgrounds live in dignity, harmony, stability, and respect. MidPen’s project aligns with the County goal of providing housing in high-opportunity areas, defined as places that already have strong economic, environmental, and educational outcomes for residents.
Affordable Housing Fund money has been distributed through the years to projects in Marin’s cities and towns as well as the unincorporated areas of West Marin. Recent allotments have gone toward the conversion of former U.S. Coast Guard multifamily housing in Point Reyes Station, an acquisition by BRIDGE Housing, and several projects managed by Homeward Bound of Marin.
Learn more about CDA housing’s program or the federal grants program on the County website.