Reid Announces 59 Units of Affordable Housing on International Boulevard

Jun 28, 2015

Posted in Economic DevelopmentGentrificationHousing/Foreclosures

Rendering of new affordable housing on International Boulevard

By Ken Epstein

Seven years in the making, a 59-unit affordable housing development will break ground before the end of the year at International Boulevard and 94th Avenue, the culmination of the work of City Council President Pro Tem Larry Reid and Bishop Bob Jackson of Acts Full Gospel Church in East Oakland.

“This is a good day,” said Reid, speaking at press conference Wednesday in a parking lot at the site of the future project.

Larry Reid

“This is the beginning of change along the International Boulevard corridor, creating opportunities to build affordable for our families who live and work in the city, so they can stay in Oakland, he said.

Bishop Jackson thanked Reid others who have helped make this development a reality, including developer, Related California, Oakland Housing Authority and the Department of Housing and Community Development of the City of Oakland.

“We believed we could do it, but we didn’t have the hookup to do it,” said Bishop Jackson. “This project has brought a lot of wonderful people together.”

“We are partnering long term in this community,” said William Witte, chairman and CEO of Related California.

Work on the 1.26-acre affordable housing development will begin in December and is scheduled to be completed in February 2017. The project will contain 18 one-bedroom units, 23 two-bedroom units and 18 three-bedroom units.

There will also be a computer room, laundry facilities and a tot-lot, as well as 3,500-square-feet of commercial space on International.

The project will be financed with conventional debt, low-income housing tax credit equity, a $7.7 million residual receipt loan from the city and a $2.6 million residual receipt loan from the Oakland Housing Authority.