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Board approves Oak Hill financing plan with county serving as umbrella guarantor; allocates $2.5 million from Affordable Housing Trust
Summary
After extensive questioning and public comment, supervisors approved a revised financing structure for the Oak Hill workforce housing project that uses a county umbrella debt-service guarantee to lower borrowing costs, expands the Joint Powers Authority governance, and allocates $2.5 million from the county Affordable Housing Trust Fund to close a financing gap.
The Marin County Board of Supervisors voted on Tuesday to support a revised financing plan for the Oak Hill workforce housing project, joining the Oak Hill Joint Powers Authority, school district partners and developers in a structure that uses a county umbrella debt-service guarantee to reduce borrowing costs and close a financing gap.
Oak Hill is proposed as a two-project campus on roughly 8.5 acres of state-donated land near Larkspur Landing: a 115-unit affordable component (Eden Housing) and a 135-unit workforce component targeted for educators and county employees (total 250 units). Staff and the JPA reported the total workforce project cost at approximately $124 million and said the plan leverages state grants, philanthropic funds and bond proceeds.
Because the JPA holds no taxing or real property assets, the financing package relies on three bond series, a short-term philanthropic loan…
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