Community Land Trust Secures $27 Million Tax Credit for 54-Unit Point Reyes Housing Project

Inside the California Tax Credit Allocation Committee's September 9 funding round, a $27 million equity award cleared the final financial hurdle for a 54-unit affordable housing development at the former U.S. Coast Guard site in Point Reyes Station. The Tamalko Homes project, a joint venture between Eden Housing and the Community Land Trust Association of West Marin (CLAM), will cost $54 million to rehabilitate and is scheduled to break ground in January 2027. The funding ends a multi-year effort to secure the capital required to convert the defunct military barracks into civilian use, establishing the largest single affordable housing footprint in the coastal region.[1][2]

The completed complex will cap rents based on Marin County's Area Median Income (AMI). For a family of three earning up to the 60 percent AMI limit of $104,460, a two-bedroom unit will cost a maximum of $2,611 per month. Nearly half of the units are reserved for extremely low-income households earning up to 30 percent of the median, or $52,230 for a family of three, dropping the two-bedroom rent to $1,305. Across the property, one-bedroom apartments will start at $1,012, while four-bedroom layouts will scale up to $3,197.[1][3]

The 33-acre property has sat vacant since the Coast Guard declared it surplus in 2014. The redevelopment plan targets 13 existing structures, including 36 townhomes and a 24-room barracks building, upgrading the site-wide infrastructure and converting the defunct military housing into a civilian residential neighborhood. Marin County purchased the land from the federal government in 2019 for $4.3 million and subsequently transferred it to the Tamalko Homes partnership for $1 to facilitate the project.[1][4]

Low-income housing tax credits operate by allowing corporate investors to offset their state or federal tax liabilities in exchange for providing upfront construction capital. For the Tamalko Homes project, this $27 million allocation covers exactly half of the required budget. The remaining $27 million is assembled from a $12 million Marin County contribution, an $11.5 million award from the state's Joe Serna Jr. Farmworker Housing Grant Program, and $1.6 million from the Marin Community Foundation, alongside local donor contributions.[1][4]

The inclusion of the Joe Serna Jr. funds mandates that nearly half of the 54 units be reserved for households with members currently working in agricultural production or who are retired from the industry. This specific set-aside directly addresses a localized housing shock in West Marin, where the settlement of an environmental lawsuit regarding the Point Reyes National Seashore recently forced the closure of 12 dairies and ranches, eliminating the on-site housing those operations provided to their workforce.[1][3]

That legal settlement displaced approximately 150 agricultural workers and their families over the past 18 months. More than 40 of those households are currently living in interim housing managed by CLAM while waiting for permanent relocation options. The Coast Guard site represents the largest single block of affordable housing ever developed in West Marin, absorbing a significant portion of that displaced workforce and keeping agricultural families within the community.[1][4]

“The overwhelming support for this project has been incredible,” said Jarrod Russell, CLAM’s executive director, following the state committee’s vote. “I think it’s the envy of a lot of other small communities. It’s a great example of a public-private partnership.” Eden Housing President and CEO Linda Mandolini noted that the tax credits were the final piece required to preserve the site for local workers, calling the award a transformative milestone that ensures the homes remain permanently affordable for current and future generations.[1][4]

Under the strict terms of the state tax credit allocation, the Tamalko Homes partnership faces financial penalties if construction does not commence within 18 months of the award. To meet that deadline, the developers have scheduled site work and infrastructure upgrades to begin in January 2027. If the rehabilitation of the 13 buildings stays on schedule, the first residents are projected to move into the newly converted coastal neighborhood in 2028. The project will transition the property away from outdated propane systems to all-electric appliances and solar panels, aiming for a net-zero energy footprint upon completion.[1][4]