Oakland Gets $50M In Affordable Housing Funds From State

View of Bay Bridge Unsplash Uploaded 12/16/2022

The city of Oakland received $50M from the state for affordable housing development and will partner with East Bay Asian Local Development Corp., Allied Housing, Community Housing Development Corp. and Friendship Community Development Corp. to deploy the funds.

Oakland received the funding through the California Housing Accelerator and the Local Housing Trust, The Real Deal reported.

The funding will go toward two planned developments, including a 101-unit multifamily project with 52 affordable units at 801 Pine St. That development will cost $26M.

The second project, a $19M, 50-unit building at 1904 Adeline St., will include 10 affordable senior housing units.

"The state's accelerator program, leveraged by our city dollars, has unlocked our pipeline to meet Oakland's most urgent housing needs," Oakland interim Director of Housing and Community Development Christina Mun said in a press release.

Oakland Mayor-elect Sheng Thao has been vocal about supporting more affordable housing development in Oakland, telling KQED the city needs to commit to building “affordable housing, deeply affordable housing, social housing, workforce housing and moderate-rate housing.”

Oakland was recently designated as “pro-housing” in the eyes of the state of California, joining six other cities including Roseville, San Diego and Sacramento.

Cities with the designation are eligible for additional state funding and resources through the state’s Pro-Housing Incentive Pilot Program.

Oakland was lauded for its streamlined planning and permitting process, investments in bicycle and pedestrian infrastructure and a pre-approved accessory dwelling unit program, according to a press release.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's San Francisco Newsletters
Related Stories

DFW Multifamily Distress Creates Opening For Investors As Development Slows

Security Tech Firm Plans Loudoun HQ Move: The D.C. Deal Sheet

Prolific South Florida Developer Nick Rojo Dies At 44

Davis Looks To Sell 16-Building Beacon Hill, Back Bay Portfolio

Limekiln Sells Stake In Multifamily Lender MF1 To Berkshire Residential

Stephen Curry Sells Planned HQ Site Near Warriors' Arena

Renovate Or Raze: K-12 Developers, School Districts Face Difficult Development Choices

Lender Requests Receiver For X Denver Apartment Building Near Coors Field

First LaSalle Street Reimagined Conversion Opens In Chicago's Loop

Independence Realty Trust To Buy Centerspace, Creating $8.1B REIT

Longtime Altman Living Exec Tim Peterson Leaving Firm

Retail Dynasty Pushes Button On Pair Of London Coliving Schemes