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Board backs TEFRA authority for two affordable housing projects after lengthy public comment from Marin City residents
Summary
After a public hearing with extended Marin City testimony about flood risk, fiscal transparency and past litigation, the Board voted to recommend the California Municipal Finance Authority issue tax-exempt bonds (not county debt) up to $60 million for two related projects (42 units in Marin City and 32 units in Mill Valley).
The Marin County Board of Supervisors voted to recommend that the California Municipal Finance Authority (CMFA) issue tax-exempt bonds, in a "not to exceed" amount of $60,000,000, to finance two related affordable housing projects: the revised Drake Avenue project in Marin City (42 units) and a second site at 156 Shoreline Avenue in Mill Valley (32 units).
Community Development Agency Director Sarah Jones outlined the project history, including that an initial SB 35 project approved at 74 units was revised through an alternative project agreement to split the development into…
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