jelun

Housing is at a premium in California.
We have to note that this is affordable housing and not low income.
If he uses federal tax help or grants that means a 30% limit.
I read somewhere else that the plan was for families with an approx. 70K income.
It has that isolation problem, however.



The Empire strikes back: George Lucas will pay $150 million to build affordable housing in Marin
Apr 17, 2015, 2:56pm PDT UPDATED: Apr 17, 2015, 4:07pm PDT

Roland Li
Reporter-
San Francisco Business Times

Star Wars creator George Lucas will pay to build a 224-unit affordable housing project near his Skywalker Ranch studio in Marin County, a plan he adopted after neighbors blocked his attempts to build production studios.
After nearly a decade of efforts, Lucas gave up on plans for a 270,000-square-foot addition in 2012 and announced plans to build affordable housing there instead. He enlisted the Marin Community Foundation to review developer proposals and help identify funding, but the foundation withdrew a year later.
That apparently left Lucas with only one option to get the project moving: Develop it and pay for it himself.
"We're going to regroup, and we're going to do affordable housing," said Gary Giacomini, Lucas' lawyer and a former Marin County supervisor for 25 years. Lucas wasn't available to comment.
The project fits with the county's zoning laws and Lucas will cover the $150 million cost himself. He sold Lucasfilm, which worked on Star Wars and Indiana Jones, to Disney for $4 billion in 2012.
"We have housing for rich people. We don't have housing for our workers," said Giacomini, who said it was likely the only affordable housing project in the country completely financed by an individual, and the largest project proposed in Marin for many years.
The project requires approval from the Marin County Planning Commission and Board of Supervisors. It will require an environmental impact report. Giacomini hopes that construction will start by 2018 and finish by 2020.
"Marin has a long process," said Giacomini.
The project will have a mix of apartments and townhomes, all of which will be rentals, and 104 of the 224 units will be reserved for seniors. The rest will be for workers making around 80 percent of median income, or around $60,000 to $100,000 per year, said Giacomini. Sausalito-based architect Robert Hayes is designing the project.
The Marin Independent Journal first reported the news.

http://www.bizjournals.com/sanfrancisco/blog/real-estate/2015/04/george-lucas-star-wars-affordable-housing.html

Loki Loc: Georgia

"Median" income? Of, course, my $40,000 home would cost around $150,000 in California, so I guess it works out. There is much to be said for buying an older "fixer upper."

PoppaGringo Loc: Muslim City, Mexifornia, B.R.

It appears Lucas is doing an 'in your face' to Marin Co. inasmuch as they refused to let him build his production facilities. It's amazing what a billionaire can accomplish in order to thwart one's adversary's.

jelun

MMMMmm, in my younger days. No longer.
These days I settle for working on and repairing toys and doll furniture for the grandkids.

mwdegutis Loc: Illinois

At last report (2013), median household income in California is $60,190. Therefore 80 percent of median income would be just over $48 thousand per year, which is not even close to the "$60 thousand to $100 thousand" you report. Makes me wonder what else you may be making up or falling for.

Anonymous Loc: Hamtucket jersey city

I heard about this thumbs up for George Lucas.

Loki Loc: Georgia

He is building housing for people who already make an above average income. How does this help anyone who needs it?

jelun

But this is Marin County, where there median income is 100K from what I understand.
And I didn't "report" anything, I posted a news article which if you reread the post says that it originated from a local paper.
I think they probably know what the figures are.

jelun

It is not low income, it is labeled affordable income housing.
Which means that the people lag behind in the region.
It is not Section 8 type housing, it is for people who may be retired ( I think that the article mentions that specifically) and another that I read talked about municipal employees.
Figures these days say that lots of people are paying 50% of their income on rent. 20% is a pretty good savings.

Loki Loc: Georgia

I suppose living among the run-of-the-mill Hoi-Polloi they claim solidarity with is out of the question? I notice so many of the well-off who prate about "equality" seem to think themselves more equal than others.
I don't denigrate success, just the hypocrisy that seems to be endemic among so many of the successful. "Equality for all, except in my gated community."

jelun

Well sure, that is the whole NIMBY crowd, right?
People who think like that are the whole reason for the poor placement of low income housing.
A bit later, if my CRS brain hits upon it again I will check out Marin County to see what the political bent is.
The figures, 150 Million to 224 units seems about right for that market. And make no mistake... it is not cheap rent if the folks I know are any example...I drive a couple of guys who can't afford vehicles to work each night. They make approximately 40K and live in a "mixed income community". They are paying $835. a month for one bedroom units.
A studio with heat and hot water runs at about $1000. at market rates. So it is a bargain just not much of one.

mwdegutis Loc: Illinois

May I ask the question on how a studio apartment is more expensive than a one bedroom?

Loki Loc: Georgia

I would say that Marin County's political inclinations are very left, except for the part about income equality. Then, the ol' Plutocratic defense mechanism (Feudalism? ) sets in. Animal Farm, California.

In NC, where I lived for a time, you could find a modest home with a yard, and drive a new or newer car for $40.000/year. I did better than that on a little over fifty.

Loki Loc: Georgia

The studio has running water and indoor plumbing. Apparently, those are extras in Marin County.

jelun

You surely can. ;-)

I am not up on all of the details on the set up. My understanding is that some units are low income, these moderate income apts (10), and then some that are market value.
I think that they get Section 8 monies for the low income apts., a great deal for the corporation.
Tax breaks for the moderate income folks.
The benefit to the community is to ease the pressure on affordable rents.
So the rent is less because of the tax benefits apparently and that the gov't doesn't allow them to gouge people who are desperate for a place to live.

I just realized that my wording was really poor at the moderate income folks bit... the corporation gets tax breaks for those 10 units that are reserved for moderate income.