Project

Partridge Knolls

Novato, CA, 1991

The Courtyard at Partridge Knolls is a 104-condominium complex with 31 homes sold to low- and moderate-income families.

The Courtyard at Partridge Knolls is a 104-unit condominium complex with 31 homes sold to low- and moderate-income families.

This project stalled when the City of Novato insisted that 15 percent of its original 140 detached homes must be sold for half the market price to meet affordability indexes.

Northbay Family Homes successfully argued that affordability could be achieved if the homes were built as attached housing (condominiums).

We convinced the City to amend its General Plan to allow re-zoning for condominiums. Of the 104 condominiums eventually built, 31 of them were designated as affordable.

Northbay Family Homes then implemented its CASA Home Loan' Program, which by 1991 had been approved by Fannie Mae, to assist buyers in achieving their dream of home ownership. The CASA program enables homes to be sold for their full market price. Each sale at full price benefits the County of Marin and the City of Novato, as they can collect a full share of property taxes on each unit due to the fact that California property taxes are based on the home's sale price.

Northbay Family Homes itself initially purchased four of the 31 units for use as short-term rentals in a transitional housing project.

Our involvement in Partridge Knolls included the following services from our Seven Points of Entry in real estate development:

Entitlement Approval (providing guidance to the developer and securing resources of a particular description to move a project along)
Securing the Mortgage Take-out Financing
Occupancy Activities (getting buyers into ownership units)
Post-Occupancy Asset Holding (managing the investments of others following completion and occupancy)