Marin Supes OK $450K Preserve Affordable Apartments
December 16, 2024
Posted Wed, Dec 11, 2024 at 3:18 pm PT
Lucas Combos,Patch Staff
Officials said the money will help the Canal Alliance complete the purchase of a nine-unit complex and keep the apartments affordable.
MARIN COUNTY, CA — The Marin County Board of Supervisors has approved a $450,000 grant to help purchase a San Rafael apartment building to preserve a source of affordable housing.
According to the county, the grant will go against the nonprofit Canal Alliance’s $3.1 million purchase of a nine-unit multifamily building at 1400 Lincoln Avenue. Officials said the property’s current tenants make less than 60 percent of the average median income, which is $82,260 for an individual and $117,480 for a household of four.
“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 Jillian Zeiger, principal planner at the Community Development Agency. “This intervention will ensure diverse and equitable access to the homes and help tenants overcome barriers to housing.”
During the same meeting, supervisors also moved to approve a $221,175 contract to support renovations at Point Reyes Affordable Homes, a 27-unit development that opened in 2005.
