Oakland Awarded $49 Million for New Affordable Housing Projects Using Cap & Trade Funds

Wednesday, October 12, 2016

Cap and Trade infographic

 

(Oakland, CA) - Assemblymember Rob Bonta (D-Oakland) applauded the California Strategic Growth Council for awarding $49 million to Oakland projects to add affordable housing units.

Three projects received funding Tuesday using proceeds from the state’s cap and trade auctions which promote greenhouse gas reductions.

“Affordable housing is one of the most critical needs in the Bay Area. These projects in Oakland will add vital housing for families who struggle with paying rent while putting food on the table,” said Bonta.

According to California Strategic Growth Council (CSGC), the three projects which will receive funding are the Coliseum Connections project which will add 110 units of mixed-income, multi-family housing adjacent to the Coliseum BART station in Oakland, the Empyrean & Harrison Hotel and Transportation Improvements project which will rehabilitate two historic hotels with 100 percent affordable housing units, and the Lakehouse Connections development by the East Bay Asian Local Development Corporation and UrbanCore in partnership with the City of Oakland, AC Transit, BART, and Motivate.

In addition to creating affordable housing, the state’s allocations fund projects designed to reduce vehicle emissions by incorporating public transportation and alternative modes of transportation such as bicycling.

“This is a win win for Oakland and for California,” said Bonta. “We are protecting the environment and promoting public health by reducing greenhouse gas emissions and at the same time helping people afford to live near where they work.”
In total, the CSGC awarded $289.4 million in competitive loans and grants to 25 housing projects and transit- friendly infrastructure improvement projects.

See below for detailed information about the projects:

Project Title:

Coliseum Connections

Project Location:

Oakland

Applicant Name:

UrbanCore Development, LLC

Project Type:

TOD

Disadvantaged Community:

96‐100 percent

MPO:

MTC

Project Description:

Total Award:

$14,844,762

The proposed Coliseum Connections is a 110‐unit, mixed‐income, multi‐family residential project located adjacent to the Coliseum BART station in Oakland. The housing development would repurpose an existing BART‐owned parking lot. Half of the units would be below market rate, with the remaining ones providing workforce housing for families earning between 60‐100 percent area median income.

 

Project Title:

Empyrean & Harrison Hotel Housing and Transportation Improvements

Project Location:

Oakland

Applicant Name:

Resources for Community Development

Project Type:

TOD

Disadvantaged Community:

86‐90 percent

MPO:

MTC

Project Description:

Total Award:

$16,807,556

The Empyrean & Harrison Hotel Housing and Transportation Improvements project proposes to rehabilitate and preserve two historic SROs, providing 100 percent affordable housing developments in a rapidly gentrifying transit‐ oriented development location. The project would also provide residents of these buildings and of downtown Oakland generally with enhanced bike infrastructure in the form of new bike lanes and a new bike share station.
AC Transit is a partner in the purchase of a new hybrid bus as part of the system's service expansion plan. These infrastructure projects are complemented with programs to encourage and facilitate easier access to biking and bus use.

 

Project Title:

Lakehouse Connections

Project Location:

Oakland

Applicant Name:

East Bay Asian Local Development Corporation

Project Type:

TOD

Disadvantaged Community:

81‐85 percent

MPO:

MTC

Project Description:

Total Award:

$18,127,203

Developer partners EBALDC and UrbanCore have joined forces with the City of Oakland and local transit partners AC Transit, BART and Motivate to propose a housing and transportation project that will reduce greenhouse gas emissions through sustainable design. The Lakehouse Connections project would include a 91‐unit affordable housing development in addition to new bus, bike and pedestrian networks that connect the project to downtown, uptown and East Oakland, CA. Thus, the project would join affordable housing with four sustainable transportation improvement projects, and a robust collection of active transportation amenities and programs.

 

For more information from the California Strategic Growth Council