Housing Trust has lent Resources for Community Development $1 million for a land acquisition in Alameda County – the first multifamily loan we’ve made in Emeryville. The property consists of three contiguous parcels totaling .39-acres currently zoned for 39 units, and a separate RCD property, Bay Bridge Apartments, abuts the site and is currently occupied by six households. The plan is to increase the proposed project to 54 homes – including 14 supportive housing units – and relocate the six households to the new development. At the same time, the new project will reserve commercial space for nonprofit Emeryville Citizens Assistance Program (ECAP).
Funds for the loan originated from the Housing Trust 2015 Loan Pool. RCD also secured a funding commitment from the City of Emeryville for $2,000,000 for acquisition and predevelopment costs that will be subordinate to the Housing Trust loan.