In the
section titled:
Introduction
of
the booklet titled:
Economic Visions and Strategies
(WHICH WAS
ACCEPTED BY THE CITY COUNCIL AND
THE
REDEVELOPMENT AGENCY
ON JULY
21, 1997)
FOR THE CITY OF
SAN RAFAEL
Page 6 outlines
the plight of those seeking affordable housing in San Rafael, usually
considered Marin's most affordably housed city.
As the largest single parcel
remaining in East San Rafael, Canalways can help
produce the Economic Vision for which the City hopes.
To produce some of the beneficial
economic and life quality changes the City envisions may require education
regarding the site status and changes in land use and developable acreage.
The pictures and bolded and italicized sections that follow
have been added to the following East San Rafael Economic Vision section.
These added sections briefly express some of the ways Canalways could
help produce some affordable housing and the envisioned economic vision.
The Canalways group welcomes the
opportunities to further explain these ideas to you or your organization.
HOUSING
EXISTING HOUSING SUPPLY
In January, 1996, the State
Department of Finance estimated that San Rafael had 22,274 housing units, of
which 10,233 (46%) were single family and 12,096 (54%) were condo or
apartments. The average cost of a single family home in San Rafael was
$380,000, less than the countywide average of $432,255. Condos and townhouses
the same year had an average cost of $231,375. Rental rates for apartments in
June 1996 were $600 - 935 for a one bedroom and $775 - 1250 for a two-bedroom
unit.
Vacancy rates for San Rafael were
extremely low in 1989, about 1% where 4 to 5% is considered to be reasonable.
According to information from the State Department of Finance, the vacancy rate
has risen to 4%, largely due to an increase in housing production. Recent
reports in local newspapers indicate that the rental housing market in the
middle cost range is tight.
ESTIMATED
HOUSING NEED
ABAG forecasted San Rafael's total
housing need from 1988 to 1995 to be 2,793 units. From 1988 to 1990, San Rafael
has supplied 1,774 units. This leaves 45% of the projected housing still
unfulfilled. The majority of this unfulfilled housing lies in the very low,
and low-income categories. ABAG's projection of housing need, by income
classifications, is as follows:
Housing Need by Income
|
|
VERY
LOW |
LOW
INCOME |
MODERATE |
ABOVE |
|
|
Projected
Need 1985-90 |
587 |
419 |
559 |
1313 |
|
|
Housing
Expected to be |
121 |
235 |
490 |
1360 |
|
|
Units
Actually Built |
61 |
155 |
478 |
928 |
|
|
Unmet
Need |
526 |
264 |
69 |
385 |
|
Source:
General Plan 2000 Housing Element, San Rafael Planning Department
The problem areas are the very
low, and low income housing categories. San Rafael is behind in the amount of
housing needed in these areas. Since subsidizing these two areas is the most
costly and the need in this area is the most abundant, it is unlikely that San
Rafael will be able to meet ABAG's housing projections.
Page 6 Economic Fact Report
Affordable ownership housing for low and
moderate-income households can be provided in Marin. In fact, Marin’s Novato Ecumenical Housing produced the record setting
Skylark Meadows that Fannie Mae has used as a national model low income
ownership program.
To produce such housing, however, takes long, hard
work from the affordable housing provider, the site developer, the City and
Marin Community Foundation. With
adequate acreage zoned for such a housing development, Canalways might be able
to provide some of that housing -- if the City and Foundation also worked
diligently in support of it. Canalways consultant, Dwayne Hunn, was project manager for Skylark Meadows and
would be happy to show you, give you directions to or provide information on
the successful 10+ year old Skylark Meadows project in Novato..
NEH's
Skylark Meadows set the California state record with 43% (16/37 units)
)affordable to households earning 55% of Marin's median income.
NEH initiated its first-time
homebuyers/low-income equity share with an 80-20 equity split sleeping 2nd
mortgage program.
The Skylark project served as the foundation for NEH’s CASA (Community Assisted
Shared Appreciation) low-income home ownership equity share program.
Fannie Mae picked it to serve as a National Model program.
CASA FUNDS WERE RAISED FROM THE
FOLLOWING SOURCES:
Skylark Meadows’ funding sources
reflect the community support and expertise that is needed to develop a record
setting affordable ownership development..
SOURCE OF LENDING
DEVELOPMENT FUNDS
AMOUNT YEARS
RECEIVED RECEIVED
