Marin is facing a growing crisis. Our school districts annually struggle with staffing shortages. Employees are being priced out of the housing market. It is increasingly difficult to recruit and retain dedicated professionals who serve our community.

Without bold action, we risk losing the very individuals who educate our children and provide essential public services.

A 2021 survey revealed that more than 1,400 Marin educators are seeking access to affordable housing. This led to high, costly turnover rates among young teachers and public employees, as well as unfilled vacancies in critical roles and employee burnout from long commutes. Looming retirements only deepen this crisis.

Recognizing this urgent need, county officials and the Marin Office of Education took action by establishing the Marin County Public Financing Authority. This entity is dedicated to financing and managing affordable rental housing for public school educators and county employees.

The Oak Hill workforce housing project, an MCPFA initiative, is a solution providing 135 affordable housing units for educators and county employees. While it won’t solve the challenges associated with the high cost of housing for all of our workforce, it is a significant step.

Designed as a sustainable, long-term investment, Oak Hill will offer 101 units for educators throughout Marin County school districts and 34 for county employees. It ensures that those who serve our community can also live within it, fostering stability and continuity in our schools and public services.

State officials have demonstrated strong support for the initiative, providing the 8-acre property for just $1 per year and awarding grants totaling more than $10 million. The county and local nonprofits have also contributed vital funding.

As we approach the final stages, the MCPFA is implementing a bond-financing model to ensure a balanced budget and advance the construction process. Since Oak Hill was first envisioned five years ago, rising interest rates have necessitated strategic financial adjustments. The authority collaborated with independent financial experts to identify the most effective solutions. The optimal approach is to minimize borrowing costs, which is the driving force behind the affordable workforce housing guarantor financing program. This strategy is projected to reduce borrowing costs by approximately $10 million while maintaining affordable rental rates for participating educators and county employees.

While Oak Hill is structured to be fully self-sustaining through rental income, this program enables school districts and the county to serve as bond guarantors for their respective share of the 135 housing units. As a result, participating entities will benefit from a minimal-risk, high-reward model in several ways:

• School districts can offer dedicated, turn-key affordable housing for their employees without the financial and administrative burden of developing housing themselves. Districts need only refer employees to MCPFA, which will handle all property management and leasing efforts.

• With rents targeted for at least 30% below market rate, demand for these units will be substantial, as evidenced by several employee surveys and recent a market demand study among teachers and school staff.

• Participating school districts have flexibility in selecting the amount of housing units they reserve for their employees.

• Built-in risk mitigation strategies, such as maintaining a waiting list and allowing districts to transfer any unfilled units to employees from other school districts or to the county are expected to ensure full occupancy.

Some may question whether school districts and the county should provide workforce housing. Given the growing crisis in teacher recruitment and employee shortages, we firmly believe they should — especially with the safeguards in place to minimize financial risk.

By providing stable, affordable housing for educators and public employees, we are making an essential investment in Marin County’s future. Quality education and public services are the foundation of a thriving community, and housing security is crucial to their stability.

For decades, we’ve talked about the need — now is the time to act. The Oak Hill workforce housing project is nearly shovel-ready and poised for implementation. Let’s invest in the future of Marin County and ensure that our educators and public employees can remain an essential part of our community.

Marin County Public Financing Authority member Dennis Rodoni represents District 4 on the Marin Board of Supervisors. John A. Carroll is Marin County superintendent of schools.