The City of Oakland has approved a major funding initiative for affordable housing, with a total allocation of $113,400,039. These funds will be used for a variety of housing projects, including the new construction of multifamily rental affordable housing, homeless housing projects under the Homekey and Rapid Response programs, and the rehabilitation of existing affordable housing units. The City Administrator is authorized to make development loans under these programs without requiring further council approval, contingent on funding availability. The funding primarily comes from Measure U housing bonds and other non-bond sources. These loans are intended to stimulate the housing market by supporting projects that address the city’s severe need for affordable housing.
This decision is a critical step towards alleviating the housing crisis in Oakland. By providing significant funding for new and existing affordable housing projects, this initiative helps ensure housing stability for low-income residents, addressing homelessness and displacement.