The California Tax Credit Allocation Committee awarded low-income housing tax credits to Tamalko Homes, a partnership between Eden Housing and the Community Land Trust Association of West Marin, to redevelop a former U.S. Coast Guard housing site in Point Reyes Station.
The award will generate approximately $27 million in equity for the project. Construction is scheduled to begin in January 2027, with a move-in date anticipated for 2028.
The 54-unit project will provide housing to households earning no more than 60 percent of the Area Median Income, which equates to $104,460 for a household of three in Marin County. Rent for a two-bedroom unit will not exceed $2,611. A subset of units will be rented to households earning no more than 30 percent of AMI, at rents capped at $1,305 for a two-bedroom. A portion will be reserved for families who work in agricultural production or are retired from agricultural work.
Eden Housing and the Community Land Trust will renovate 13 buildings across the 33-acre site. The county purchased the property in 2019 from the U.S. Coast Guard and in 2020 selected the joint rehabilitation proposal. Earlier this year, the county sold the land containing the housing to Tamalko Homes for $1 while allocating significant funding for the project's development and operations.
The project addresses a critical shortage of permanent affordable housing in West Marin. Over 40 households have moved into interim affordable housing supplied by the Community Land Trust as part of an emergency response to ranch closures in the Point Reyes National Seashore and other private ranches.