Project

The Meadows Apartments

Novato, CA, 1986

A 99-unit apartment building with 20 apartments set aside for low- and moderate-income renters.

The Meadows Apartments is a 99-unit building with 20 apartments set aside for low- and moderate-income renters, including two that are handicapped accessible.

Northbay Family Homes was primarily responsible for arranging financing for The Meadows under the 80/20 rule: By making 20 percent of the units affordable to low-income families, a developer can obtain tax-exempt bond financing for 100 percent of the project.

Northbay Family Homes facilitated the state-tax-exempt financing and further secured federal funding available to Marin County to cover some of the additional local development costs and fees that were not covered by the mortgage financing. We also secured Marin Community Foundation funding from the Buck Trust, and we managed subordinate loans on the project.

Northbay Family Homes then managed a waiting list of income-eligible applicants for two years until the project was available for lottery and occupancy.

The Meadows was one of two major apartment complexes built in Novato in a 20-year period, and the units are still affordable today.

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

Securing the Construction Financing
Occupancy Activities (getting buyers into ownership units)
Post-Occupancy Asset Holding (managing the investments following completion and occupancy)