Marin County approves Habitat for Humanity's $100K loan for Redwood Boulevard housing project

Marin County officials have taken a significant step towards addressing the housing crisis by considering a loan for the Habitat Redwood Boulevard project, which aims to provide affordable homeownership opportunities for low and moderate-income families. This ambitious initiative will consist of 80 homes, with 60 units designated for lower-income households, marking Habitat for Humanity's largest affordable housing project in the area.

During the meeting, county representatives highlighted the unique nature of this project, which not only offers homeownership but also aligns with the county's goals of promoting fair housing and increasing the stock of permanently affordable homes. The funding for this project will come from the housing trust, which was established to support such initiatives.

The project has garnered substantial backing, including over a million dollars from the City of Novato, contributions from the Marin Community Foundation, and additional state funding. The proposed investment from the county is set at $100,000 per unit, reflecting the project's potential to serve larger families and intergenerational households, a demographic often overlooked in affordable housing developments.

The homes will be sold at prices significantly lower than the median home price in Marin, which currently exceeds $1.5 million. Affordable units are expected to be priced between $540,000 and $600,000, ensuring that families can secure housing without exceeding 30% of their income on housing costs.

Public support for the project was evident during the meeting, with community members expressing enthusiasm for the initiative and urging the board to consider similar funding opportunities for future projects. Habitat representatives emphasized the project's long-term benefits, including a unique model that allows homeowners to regain economic equity upon resale, ensuring that the homes remain affordable for future generations.

As the board moves forward with this project, it represents a crucial step in addressing the pressing need for affordable housing in Marin County, providing hope for families seeking stable and affordable living conditions.