Oakland New Construction and Substantial Rehabilitation Loan Program/ Preservation and Rehabilitation of Existing Affordable Housing Loan Program
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The National Low Income Housing Coalition is providing this data as a public service. NLIHC will continue to update the database. The accuracy of the data is based on information provided by the programs' administrators and user submissions.
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The City of Oakland allocates funds for construction and rehabilitation of rental housing through an annual competition, typically held in September. The Oakland New Construction and Substantial Rehabilitation Loan Program/ Preservation and Rehabilitation of Existing Affordable Housing Loan Program provides gap financing for affordable rental housing development. Any new construction or rehabilitation project of permanent housing is eligible. Rent restrictions must remain in place for 55 years, and homeownership units must remain permanently affordable.
Funding Description:
For FY15, a total of $7.5 million was budgeted for this program. Of this amount, $850,000 comes from the Oakland Affordable Housing Trust Fund, and $3.8 million comes from the city’s Low and Moderate Income Housing Asset Fund, which consists of program income, assets and funds transferred to the City of Oakland after the State's Redevelopment Agency was dissolved. The remainder comes from federal HOME funding.
Website: http://www2.oaklandnet.com/Government/o/hcd/s/AffordableHousing/index.htm
Contact: Christina Morales, Housing and Community Development, 510-238-6177, [email protected]
