California Construction News staff writer
The State of California has awarded the City of Oakland and its developer partners $50 million to support the construction of affordable rental housing units.
The Housing Accelerator program funds shovel-ready affordable housing projects that, despite having received one or more awards from other HCD programs, are unable to move forward due to funding gaps that resulted from their inability to access tax-exempt bond allocations or low-income housing tax credits.
Developments receiving funds will target Oaklanders earning between 20-60% of Area Median Income (AMI) and will include 60+ units of permanent supportive housing and financial literacy, employment counseling, educational and cultural programs provided by Abode Services, Inc.
These projects will start construction within the next six months:
Friendship Senior Housing, 1904 Adeline St.
- $19 million to build 10 deeply affordable units, one unrestricted manager unit (50 total). Developers: Community Housing Development Corporation and Friendship Community Development Corporation
The Phoenix (801 Pine St.)
- $26 million to construct 52 deeply affordable units, 1 unrestricted manager unit (101 total) – Developers: East Bay Asian Local Development Corporation and Allied Housing Inc.
“The statehas unlocked our pipeline to meet Oakland’s most urgent housing needs,” said Christina Mun, Oakland’s interim director of housing & community development. “We are elated to see our experienced community-oriented housing developers, East Bay Asian Local Development Corporation and Community Housing Development Corporation, moving these important projects forward to provide affordable housing for Oaklanders.”
The City had conditionally awarded the Unity Council $7 million through the City of Oakland 2022 New Construction NOFA, contingent upon securing the LHTF award. Now that the LHTF funds have been awarded, these funds will be matched with $2 million from Oakland’s Affordable Housing Trust Fund (AHTF) to complete the $7 million award.