Novato USD Workforce Housing
QUICK FACTS
LOCATION: Novato, CA
OWNER: Novato Unified School District
PRESS
Novato Unified School District Workforce Housing Feasibility
Rivercrest Partners partnered with Novato Unified School District to conduct a comprehensive workforce housing feasibility study in one of California's most expensive housing markets. Our employee survey revealed significant demand for workforce housing solutions, with many staff expressing interest in district-provided housing and strong overall support for workforce housing initiatives.
We evaluated Novato USD's portfolio of underutilized real estate assets across six district-owned sites, conducting detailed analysis of physical conditions, development capacity, regulatory pathways, and financial viability. Our comprehensive study determined optimal housing types ranging from multifamily apartments to attached townhomes, with potential for significant unit development depending on phasing strategy.
Five of the six sites proved viable for housing development. We identified a financially viable development path where the district could sell smaller entitled sites and reinvest proceeds in workforce housing development, with potential for phased construction approaches. Our analysis included multiple funding strategies such as land sales, rental income-backed debt, state subsidies, and potential General Obligation bonds.
Our feasibility study provides Novato USD with a strategic roadmap to transform underutilized properties into employee housing that supports their educational mission while generating sustainable revenue, positioning workforce housing as both a critical recruitment tool and asset optimization opportunity.
District Possible Sites
San Andreas Site 1
San Andreas Site 2
Hill Education Center Site
Hamilton Air Force Base Site