A collaboration between the county of Marin, Marin Community Foundation and Community Land Trust Association of West Marin (CLAM) was formed to enable the creation of the first permanently affordable housing units in Stinson Beach.
A mix of grants and loans was supplied to cover the cost of purchasing the Calle del Embarcadero Apartments by CLAM.
The Marin County Board of Supervisors gave CLAM $1 million from its Affordable Housing Trust Fund, half as a grant and half as a loan. The MCF Loan Fund supplied a $1.35 million loan and a $500,000 grant. Without MCF funding, it’s unlikely the County of Marin would have approved increasing expenditure appropriations to $500,000 for the County Grant.
This is the first affordable housing project in Stinson Beach. The units are now preserved in perpetuity as affordable, reserved for full-time residents who qualify as low income or very low income (two-person households making between $49,000 and $78,000 annually), per a planned deed restriction on the property. Current full-time residents are grandfathered in, and when they move, they will be replaced with an income-qualifying tenant.