Concerns over funding could sideline Marin public housing residents' plan to convert dilapidated rentals into co-op - San Francisco Business Times

Housing Authority Board of Commissioners in Marin County is scheduled to consider two separate proposals Tuesday to remake Golden Gate Village, a Marin City affordable housing rental property.

old, rodent infestations, faulty wiring and tenants rights violations, according to multiple lawsuit filed over the past decade.— whose members are also the Marin County Board of Supervisors — How the rehabilitation would be financed is where the plans split. The MHA is proposing to renovate the property using a permanent loan, the Low Income Housing Tax Credit equity and a development subsidy. To allow for the use of LIHTC, a limited partnership would be formed with an investor to own Golden Gate Village, with MHA serving as the general partner and responsible for its day-to-day operations.

Proponents of the MHA plan say the co-op conversion and financing plan is too risky and could prevent the much-needed investment in the property from taking place as soon as possible. The MHA also stands to lose federal funding if it misses HUD deadlines associated with its corrective action plan. The Resident Council acknowledges that its plan would result in a $26 million financing gap, but says it has identified a list of funding sources to bridge that gap, including Community Development Block grants related to historic preservation, climate change and sustainability grants, as well as funding from foundations and from the county.

Andrews said that turning the units into owner-occupied housing would"narrow the aperture of who would live" at Golden Gate Village.

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