AFTER YEARS OF HEATED negotiations between tenants, city officials and a private equity landlord, a large apartment complex in San Rafael’s Canal District is on course to become long-term affordable housing through a regional program designed to prevent displacement in high-cost markets.
The Bay Area Housing Finance Authority has finalized a partnership with the owner of The Meridian, a 99-unit apartment complex at 400 Canal St. The deal uses BAHFA’s Welfare Tax Exemption Preservation Program to convert at least 60 units into affordable housing, with plans to convert the remaining units soon.
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