NEWS RELEASE: MARIN COUNTY BOARD OF SUPERVISORS UNANIMOUSLY APPROVES $2 MILLION RESIDENT INVESTMENT FUND FOR GOLDEN GATE VILLAGE

Fund will provide enhanced pathways to economic opportunities as part of $330 million plan to rehabilitate housing site in Marin City

San Rafael, CA—A $2 million Resident Investment Fund for Golden Gate Village—which could be used to support pathways to home ownership, credit repair, job training and education programs—was unanimously approved on Tuesday by the Marin County Board of Supervisors.

The investment fund is a key component of a $330 million plan to renovate, restore, rehabilitate and preserve Golden Gate Village as a historic district and as a vital component to the continuum of affordable rental housing to Marin County.

“This fund will help support direct wealth creation opportunities for Golden Gate Village residents who have long faced financial hardships and the challenges of generational discrimination,” said Marin County Supervisor Stephanie Moulton-Peters. “The revitalization of Golden Gate Village is more than the renovation of the buildings and grounds; it is also addressing past harms and inequities through the empowerment of residents with support from this fund.”

On Tuesday, the Board of Supervisors authorized $2 million in County funds for the establishment of the initiative through the Marin Community Foundation (MCF). As part of the approval, the Marin Housing Authority (MHA) has requested another $1 million for the Resident Investment Fund, to be provided by the MCF.

The MHA understands that the most impactful way to serve vulnerable populations is to empower those communities by giving them a voice in designing solutions specific to their diverse needs and perspectives. As such, the MHA is hosting resident listening session workshops in GGV at a newly established community space onsite.

Residents have already been actively taking part in discussions on potential ideas for the fund, which include assistance for home ownership programs, credit building and repair, funding to match escrow funds from HUD’s Family Self-Sufficiency (FSS) program, small business development grants, tuition reimbursement, and training in the arts and entertainment fields, among other alternatives.

The listening sessions will help drive the planning and implementation phase of the Investment Fund.

There is a crucial equity component to the Resident Investment Fund, as Black families make up more than 60 percent of the Golden Gate Village community and nearly 20 percent of the residents identify as Hispanic or Latino.

A Fund Advisory Committee will be also established to plan and implement the Funds policies, with input and ongoing feedback provided through the facilitated resident listening sessions. The Committee will also play an important ongoing role in reviewing and monitoring the distribution of funds as well as the fund priorities. The Committee will convene on no less than an annual basis and will be comprised of GGV residents and the Golden Gate Village Resident Council, MCF representatives, County representatives, local Community Based Organization representatives, and MHA representatives.

“The residents of Golden Gate Village are eager to explore the possibilities of direct wealth creation programs that can put them on the path to success,” said MHA Executive Director Kimberly Carroll. “I want to thank the County and its various partners for their support in this process and look forward to working with our community members on the best uses of this critical resource.

As part of the $330 million Golden Gate Village Revitalization Plan—which is set to begin this year—aging electrical systems will be replaced with state-of-the-art equipment that is cleaner and more efficient, while landscapes and outdoor spaces will be improved.

Additionally, every single unit in Golden Gate Village will be renovated with new kitchen appliances, flooring, cabinets, tiles, bathroom fixtures and other amenities.