Marin supervisors back conceptual step for Oak Hill workforce housing guarantor program

The Marin County Board of Supervisors on April 15 voted to advance a conceptual guarantor financing program intended to close a funding gap for the Oak Hill workforce housing project, a 35‑unit development planned for state‑owned land and targeted to school employees and county staff.

County staff and the project’s financial advisers told the board that rising interest rates and construction costs produced a multimillion‑dollar shortfall that the Marin County Public Finance Authority and the project team say could be substantially reduced if participating agencies agree to guarantee the rental income for a dedicated number of units. Matthew Heimel, executive director of the Marin County Public Finance Authority, told the board the guarantor model could generate roughly $10 million in additional bond proceeds and reduce projected rents by about $400 per unit per month.

Supporters said the program would help recruit and retain teachers and county employees who otherwise commute long distances. “This project is one way of addressing that imbalance,” Lily Thomas of the Community Development Agency (CDA) told the board, citing a county staff survey in which 345 employees responded…