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Board approves tax‑exempt bond hearing for Golden Gate Village revitalization; residents raise concerns about process
Summary
The Board of Supervisors conducted a TEFRA hearing and approved a resolution allowing issuance of up to $50 million in tax‑exempt bonds to support Phase 1 renovations of Golden Gate Village. Housing authority and developer say no resident in good standing will lose housing; resident council speakers urged stronger resident safeguards and an MOU.
The Marin County Board of Supervisors held a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing and adopted a resolution approving the issuance of tax‑exempt bonds (up to $50,000,000) to support Phase 1 of the Golden Gate Village revitalization, a preservation and rehabilitation project led by the Marin Housing Authority in partnership with Burbank Housing and to be issued through the California Municipal Finance Authority (CMFA).
The board’s action authorizes the procedural step required under Internal Revenue Code Section 147(f) so the project can use tax‑exempt financing that supports long‑term affordable housing preservation. County staff and the housing authority emphasized that the county has no ongoing financial obligation for the bonds and that the housing authority and developer are responsible for loan repayment.
Why this matters: Golden Gate Village is listed on the National Register of Historic Places and contains 296 income‑restricted apartment homes in Marin City. Marin Housing Authority and its development partner say the financing will pay for comprehensive renovations (new kitchens,…
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