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Corte Madera explores employee housing after Marin Housing offers deed‑restricted unit; staff asked to develop program
Summary
Staff reported a unique chance to acquire a deed‑restricted below‑market unit managed by Marin Housing. The town agreed to continue holding the unit while staff develops a program, noting $800 monthly holding costs and deed restrictions that preserve affordability in perpetuity.
The Corte Madera Town Council on Feb. 16 directed staff to further develop a potential employee housing program after staff described an available below‑market unit being held on the town’s behalf by Marin Housing.
Amy Lyle, director of planning and building, told the council the two‑bedroom condominium at 77 Parkview (a unit in a larger development) is being offered at $250,000 under Marin Housing’s below‑market program. Marin Housing purchased the unit and is temporarily holding it while the town decides how to proceed. Lyle said the recommended holding cost for the town is about $800 per month while staff works through the policy and legal details.
Lyle said the deed restriction on the unit would remain in perpetuity and requires affordability limits tied to area median income (AMI). Under the current rules she outlined, a two‑person household at the upper end of the intended…
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