The Marin Community Foundation will no longer be involved in a proposal to construct a 100 percent affordable housing project at the site of filmmaker George Lucas’s Grady Ranch outside San Rafael, citing uncertainties in obtaining federal and state financing necessary to bring the project to fruition, according to a joint announcement by the foundation and Mr. Lucas’s real estate company.[poll id="74"]
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The company, Skywalker Properties, will continue to discuss the proposal with the approximately 20 interested developers previously identified by the foundation, said Tom Forster, spokesman for the company.
“There’s a huge need in our county and elsewhere for affordable, workforce housing,” he said.
The foundation had been enlisted to assist in selecting a developer and determining a funding scheme for the project, which could entail more than 200 affordable housing units at a cost between $120 million and $150 million, said Dr. Thomas Peters, the foundation’s chief executive.
Yet with increased difficulty in obtaining federal and state funding, along with the complete elimination of redevelopment dollars, Dr. Peters said that the financing picture for affordable housing as a whole has become far more challenging in recent years. [read more of "Marin Community Foundation pulls out of Grady Ranch housing effort"]