The Marin County Board of Supervisors approved a $4 million loan from the County’s Affordable Housing Fund on January 31, 2023, for the purchase of an 80-unit complex in Fairfax, preserving it for lower-income residents.
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.
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.
Learn more about CDA housing’s program or the federal grants program on the County website.
