Famous filmmaker George Lucas may make a contribution to building new affordable housing in Northern California, having recently proposed a new use for a property known as Grady Ranch.
Lucas has been trying to secure approval to build a new film studio on the site for some time, against the opposition of neighbors, and determined that it is no longer worth attempting to do so, according to Apartment Finance Today. Instead, he is now looking for a developer to build low-income housing, which a recent letter noted is scarce in the Marin area. The Marin Community Foundation is cooperating in an effort to address what it states is a critical need in the community.
"In many instances, this is housing for people who work in the county but can’t afford to live here and for people who grew up here but who now cannot afford safe, secure housing in their home county," said Thomas Peters, Foundation president and CEO. "And we have always paid particular attention to the need for affordable housing by the county’s expanding senior population."
Lucas has contributed various reports on the state and details of the property which may be useful to planning and development. The county is one of the country's most expensive in terms of apartment rental and homeownership costs, the news source notes. This may be due to limited availability of lower-cost housing units, which the new development could alleviate. Rental property management firms and investors may be able to seize the opportunity represented by unmet demand in the county and surrounding area.