Developer: AMG & Associates & The Pacific Companies
Housing Trust Loan: $3M Acquisition Loan
Units: 167 Affordable Homes
Population Served: Seniors Earning Up to 60% AMI
Congratulations to our new partners, AMG & Associates and The Pacific Companies, on closing acquisition financing for 1320 Grant Avenue Apartments in Novato – Housing Trust’s first project in the city.
Housing Trust’s over $3M acquisition loan – funded through a combination of sources, including the Building Impact Initiative and the TECH Fund with Google as our supporter – helped with the purchase of 1.12 acres of entitled land in Novato’s commercial core. The development team utilized Assembly Bill (AB) 2011, California’s Affordable Housing and High Road Jobs Act, to streamline entitlements by building on commercially zoned land, reducing approval risk, and accelerating the path to construction.
This project will deliver 167 affordable homes reserved for seniors earning up to 60% AMI. Affordable housing opportunities in Marin County are limited, making this project a meaningful addition for seniors in the community.
Situated in downtown Novato within a half mile of the Sonoma-Marin Area Rail Transit (SMART) station, the property gives future residents convenient access to communities throughout Marin County and the greater Bay Area – a vital amenity for a senior population that benefits most from reliable public transportation. The building will feature energy-efficient appliances in every unit, ADA-compliant design throughout, parking, and secure bike storage.
1320 Grant Avenue represents Housing Trust’s first project with AMG & Associates and The Pacific Companies, co-developers who bring complementary depth to this project. AMG has developed over 15,000 housing units across the western U.S., and The Pacific Companies brings more than 25 years of experience delivering affordable housing across the greater Bay Area region. Together, they bring the capacity to deliver a complex, large-scale project in a county where affordable housing development requires deep experience navigating high construction costs, limited land availability, and layered public financing sources.
While this is our first project in Novato, across Marin County, Housing Trust has supported four affordable communities with our partners, with more than $17.5M in financing invested – helping create 415 affordable homes that allow families and individuals to stay in their community.
This project is the result of multiple unique funding sources working in synergy – including the TECH Fund, with Google as our supporter. Our collaboration with Google has helped create or preserve more than 4,800 homes across the greater Bay Area. The project also tapped our Building Impact Initiative, which carries that momentum forward by investing $200M across the region.