With easy access to Downtown Oakland’s job centers and BART connections, East Oakland has become a hot spot for market rate residential developers. More than 300 market rate homes are in the pipeline, and the long-awaited 110-unit Coliseum Transit Village development is expected to be at least half market rate.
Satellite Affordable Housing Associates‘ International Boulevard Family Housing looks to ease displacement of low income families. When it opens, International Boulevard will provide 90 families the opportunity to live in affordable and stable new homes in this transitioning neighborhood.
Satellite Affordable Housing Associates used this $3.1 million acquisition loan to purchase a group of parcels along International Boulevard, one of the main arterial city streets in East Oakland that will be served with a new bus rapid-transit line in 2018. The acquisition loan was funded in partnership with Northern California Community Loan Fund, a San Francisco based CDFI with a place based strategy in Oakland, and the Housing Trust, whose programmatic flexibility was a good fit for the partnership.