The final funding has been secured to begin construction on the redevelopment of a former U.S. Coast Guard housing site in Point Reyes Station.
Marin County announced Thursday that Tamalko Homes, a limited partnership formed between nonprofits Eden Housing and the Community Land Trust Association of West Marin, has been awarded low-income housing tax credits by the California Tax Credit Allocation Committee, providing the final $27 million for the project.
Thirteen buildings will be renovated on the 33-acre property, creating 54 permanently affordable homes. Construction is expected to begin in January 2027, with residents moving in there in 2028.
In 2014, the property was declared surplus by the Coast Guard. Federal legislation directed the agency in 2016 to transfer the land to Marin County for affordable housing or other public purposes. The county purchased the property in 2019 for $4.3 million and then sold it to Tamalko Homes for $1, along with a commitment of $12 million in project funding.
Three parcels on the property will remain in county ownership for roads and a new on-site wastewater system.
Funding for the project will consist of the county funds, $1.6 million from the Marin Community Foundation, the $27 million tax credit and an $11.5 million grant from the Joe Serna Jr. Farmworker Housing Grant, a program of the California Department of Housing and Community Development, aimed at the creating multifamily housing for low-income agricultural workers.
The tax credit is a federal credit that the IRS allocates to each state and then each state has the responsibility of allocating it to appropriate projects. That credit allocation is then sold to private investors to generate construction funding.
The housing project comes as West Marin faces a shortage of affordable housing. According to the county, more than 40 households have moved into interim housing provided by CLAM following the closure of ranches in the Point Reyes National Seashore and other private ranches.
The new homes will be available to households earning no more than 60% of the area median income. That equates to $104,460 for a household of three in 2025 in Marin County, with rent for a two-bedroom unit not to exceed $2,611. Some units will be reserved for households earning no more than 30% of the area median income, which would be $52,230 for a household of three paying $1,305 for a two-bedroom unit.
A portion will be designated for families working in agricultural production or retired from agricultural work.
“Working families and farmworkers are the backbone of our local economy and culture,” said Marin County Supervisor Dennis Rodoni, who represents West Marin. “Ensuring they have access to high-quality, affordable homes is one of our highest priorities.”
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