CLAM Acquires Age-in-Place in Point Reyes Station

On January 5, 2022, CLAM finalized an agreement to purchase a multi-unit home in Point Reyes Station at a steeply discounted price.

The seller is Bobbi Loeb, a local senior who has been living in West Marin for over 46 years. Under a Retained Life Estate agreement, Bobbi will retain ownership of the property and the right to live there throughout her life. Upon her death, ownership will transfer to CLAM, leaving a lasting legacy of affordable homes that will serve the West Marin community and its future generations.

Retired after many years of community service, Bobbi has found keeping up with the cost of maintaining her property challenging. She feared she would have to sell her home and move away, thereby also displacing the two other households who rent on her property. Bobbi was thrilled to discover that there was an option through CLAM that will enable her to stay in her home, continue to house her tenants, and further contribute to the community that has meant so much to her.

This is the first property acquired through CLAM’s Age-In-Place initiative. Under this program, a homeowner can either sell or donate their residence to CLAM while retaining the right to live there for the rest of their life.

CLAM’s Community Housing Solutions
The Age-in-Place initiative is part of CLAM’s Community Housing Solutions, an umbrella program in which CLAM works to meet homeowners’ needs while creating permanent, affordable homes for the West Marin community. Community Housing Solutions offers homeowners several ways to create affordable housing, including Age-in-Place retained life estates like Bobbi’s, legacy gifts of housing or property left to CLAM in their wills or trusts, creating second units for rent affordably through CLAM, and finding co-ownership opportunities. In many cases, owners can do good while also realizing a tax benefit when donating or selling their property at below market value.

Successful Fundraising
One of the keys to CLAM’s success in buying Bobbi’s property was its successful fundraising campaign for the project. In 2021, CLAM raised more than $700,000 from a combination of generous donations from individual donors in the community and grants from Marin County Measure W funds, the Marin Community Foundation, and Mechanics Bank. These funds are being used to purchase the property, pay for critical repairs, and cover ongoing maintenance. CLAM will raise additional funds to further improve the existing units and do necessary future upgrades. When CLAM has full ownership of the property, it will sell or rent the homes at an affordable rate. The sale or rental income will help to recoup CLAM’s investment and be available for CLAM to make future acquisitions to create affordable homes in the community.

All of us at CLAM are so excited about this new acquisition because it is a multi-unit property, capable of housing multiple households, and because it is a win-win-win. Through fun and collaborative conversations, we were able to meet Bobbi’s needs, avoid displacing residents, and ensure permanently affordable housing for the community. We hope this first property is a jumping off point for Age-In-Place scenarios that can be replicated throughout West Marin.

Latest Updates on CLAM’s Age-In-Place Home: