Developers are pushing to revise plans for two major housing projects near San Quentin prison due to financing delays and environmental clearances. Eden Housing and Education Housing Partners are working on the projects , which share common infrastructure and face budget deficits. The Marin County Public Financing Authority is holding out for a balanced budget before issuing bonds.

The $30 million tax-exempt bond deadline

Eden Housing has a $30 million tax-exempt bond issuance due by Oct. 19. If not granted by then, the project will lose federal and state tax credits. This deadline adds pressure to the already delayed projects, which are impacted by rising interest rates and geopolitical conflicts.

Credit rating evaluation by S&P Global Ratings

Raymond Hymel , director of the Marin County Public Financing Authority, has commissioned an evaluation of the credit rating of the bond issuance by S&P Global Ratings. This evaluation is crucial for securing the necessary financing for the projects. according to the report, the authority is cautious about issuing bonds without a balanced budget.

Cost-sharing proposal for the $43 million project

A developer from Eden Housing has proposed that other developers guarantee payment of half of the estimated $43 million cost to move ahead.... This cost-sharing proposal aims to address the budget deficit issues and ensure the projects can proceed. the workforce housing project, in particular, is affected by these financial challenges.

Environmental clearances and infrastructure delays

The projects face additional delays due to environmental clearances for one of the projects along East Sir Francis Drake Boulevard. Both projects share common infrastructure, which complicates the financing and construction timelines. The Marin County Public Financing Authority is overseeing one project with Education Housing Partners,while the other is being developed by Eden Housing.