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Marin Housing briefs San Rafael on below-market-rate portfolio and preservation challenges
Summary
Marin Housing reported that about 4% of San Rafael's housing stock is in the BMR portfolio (781 rental units, 111 ownership units), noted expirations outpacing new units, and proposed outreach and financing tools to preserve units and expand buyer readiness.
Marin Housing presented an update on Feb. 17 to the San Rafael subcommittee on the status of the city's below-market-rate (BMR) housing portfolio and preservation strategies.
Jeff, Marin Housing's homeownership program manager, said roughly 4% of San Rafael's housing stock is in the BMR portfolio. "We have 781 rental units and 111 ownership units," he said, describing the portfolio as aging in both buildings and occupants: a 2023 survey of portfolio residents produced a roughly 40% response rate and found 66% of respondents were seniors.
Key preservation concerns Jeff said many early BMR restrictions were 30-year contracts and that 15 units with those terms are set to expire within the next five years; more recent units carry 40- or 50-year terms or are deed-restricted in perpetuity. Marin Housing reported it has added only one unit to San Rafael's portfolio between 2020 and 2025 while 12 units exited, though 15 newly entitled BMR units are in the pipeline tied largely to state density-bonus projects.
Resale mechanics and program adaptations Marin Housing described administrative steps it takes to preserve affordability at resale: income certification, prequalification, and lottery selection for eligible buyers; lender-friendly restriction documents; and monitoring that enforces owner-occupancy rules. Jeff described options to expand affordability preservation, including shared-appreciation tools, escrow of resale uplift to a housing trust, and shifting monitoring fees toward program beneficiaries rather than the city to free local budget resources. He also warned that HOA assessments and deferred maintenance in older complexes can complicate financing and resales.
Outreach and buyer readiness Staff said outreach will emphasize lender and broker channels to connect income-qualified buyers with available units and that Marin Housing will continue partnerships with fair-housing advocates and community organizations to make buyers finance-ready.
No formal action was taken; staff encouraged continued coordination between Marin Housing and city staff on preservation strategies and pipeline monitoring.
