LARKSPUR, CA – The Catalyst Housing Group has partnered with the California Community Housing Agency to purchase Summit at Sausalito, their 14th Essential Housing property. The acquisition marks the fifth summer of Catalyst, all of which are part of their nationwide drive to permanently convert housing at market prices into limited rent communities that serve middle-income households.
"Our unique financing model and partnership with several government agencies enable us to protect existing tenants from the threat of eviction while providing communities with an immediate supply of much-needed, middle-income housing," said Catalyst founder Jordan Moss. "The long-term community benefits will be just as effective when all economic benefits are transferred directly to the underlying communities in our portfolio."
Launched in 2019, Catalyst's innovative model spawned the first California state facility to focus solely on middle-income housing production. This entirely new asset class, dubbed "Essential Housing" by Catalyst, provides affordable rental housing to California's key workforce – nurses, teachers, first responders, civil servants and others who are increasingly over-earning to qualify for traditional affordable housing, however not living enough directly in the communities they serve.
The Summit at Sausalito (198 units) with scenic bay views meets Fountains at Emerald Park (324 units, Dublin), The Breakwater Apartments (400 units, Huntington Beach), Elan Huntington Beach (274 units, Huntington Beach) and The Exchange at Bayfront (172 units, Hercules) as the latest acquisitions by Catalyst. In the past two years, Catalyst has acquired more than $ 2 billion worth of Essential Housing and 4,000 units of prime apartment buildings to help tackle California's growing income inequality and the associated middle-income housing crisis.
"We're proud to have two Catalyst properties in Marin," said Marin County supervisor Stephanie Moulton-Peters. “Taking care of our tenants is crucial for Southern Marin, especially given the impact of the pandemic.
To complement the Sausalito acquisition, Catalyst has partnered with the Marin City Sausalito School District to provide a $ 100,000 contribution to the Essential Housing Fund, the nonprofit arm of Catalyst. The donation will provide additional rent grants to local elementary and middle school teachers as well as other district employees.
"We are very excited to partner with Catalyst and appreciate your recognition of the importance of teachers and other key contributors to our communities," said Itoco Garcia, superintendent of the Sausalito Marin City School District. "An important part of our strategy to successfully desegregate the district is our pipeline program to develop culturally engaging color teachers for educators. This partnership with Catalyst will enable us to attract and retain highly qualified teachers from all backgrounds, especially color teachers and bilingual teachers. Teachers to our community. It is untenable for teachers to spend so much of their income on rent and so much time commuting out of low-wage areas. Many of our employees spend up to two hours a day in the car around the To serve students and families in our community. This partnership will keep SMCSD employees off their cars and bring them straight to their community, two key factors in building a climate and social justice school district. "