I am thrilled to share the latest news in our efforts over the last three years to prevent displacement and advance affordable housing preservation. Today, the City of Oakland announced awards of $4.13 million to two community land trusts.
This is the second round of awards from the program my office initiated in the last 2019-21 City budget cycle to create more permanently affordable housing through community land trusts that take housing off of the speculative market and ensure it stays in the hands of working-class Oaklanders for long term community ownership and nonprofit stewardship. Deep appreciation to the Alliance of Californians for Community Empowerment (ACCE), Oakland Community Land Trust (OakCLT) and others for their leadership and organizing to acquire, rehabilitate and preserve affordable housing as a key anti-displacement strategy.
The funds are available thanks to the 2016 voter-approved City Bond Measure KK, and the awardees, Oakland Community Land Trust (OakCLT) and the Bay Area Community Land Trust (BACLT), will develop four projects that preserve affordable housing for 28 Oakland households earning up to 80 percent of Area Median Income (AMI), or $73,100 for a single-person household. The OakCLT was awarded $4,050,000 for three projects totaling 22 units, and the Bay Area Community Land Trust was awarded an additional $85,000 for a 6-unit affordable housing project, for which it received a previous loan in the amount of $1,315,000. These additional funds will enable them to complete the rehabilitation of these units.
The majority — 88 percent in 2016 — of Oakland’s existing housing stock is in “small site” properties, buildings with 25 units or fewer. Residents of these sites are particularly vulnerable, as consecutive changes in building ownership produce significant rent increases. This program is Oakland’s first dedicated source of public funding to preserve affordability in these small site buildings.
We worked in deep collaboration with affordable housing advocates and tenant organizers to create this fund, and our work is just beginning. We’re building on this success and moving full steam ahead to make this fund ongoing and expand its impact:
- We’re advocating with state leaders and a coalition of advocacy organizations to advance a State budget appropriation of $500 million to fund acquisition-rehabilitation affordable housing preservation efforts across the state;
- We’re inviting philanthropic organizations to partner with the City of Oakland on recapitalizing this fund to take additional housing off of the speculative market to stem displacement.
We must do everything we can to ensure working class Oaklanders can stay in their homes for generations to come.