Oakland Gets $50M For Affordable Housing Projects
Oakland will get about $50M for affordable housing projects from money raised in California’s effort to limit global warming through cap-and-trade fees, reports the East Bay Times.
Resources for Community Development will get $16.8M to buy the Empyrean Hotel and upgrade the Harrison Hotel (above). The Empyrean will need significant renovations and will be converted to studios and one-bedroom apartments for low-income individuals and small families. Upgrades at The Harrison will include new baths, flooring, cabinets and plumbing. Apartments will be available for people with special needs, including those at risk for homelessness.
UrbanCore Development will use $14.8M for its 110 mixed-income apartments at Coliseum Transit Village near the Coliseum BART station. Half of the units will be available to people making 50% to 60% of the area median income. The other half will target those making 80% to 120% of area median income.
UrbanCore and East Bay Asian Local Development Corp will put $18.1M toward 91 units of affordable housing near Lake Merritt. The LakeHouse Commons also will have 270 units of market-rate housing, including 18 for moderate-income residents.
UrbanCore CEO Michael Johnson will speak more on his company’s latest projects at Bisnow’s upcoming Oakland event Nov. 10. [EBT]
