Key financing has been arranged for the development of a 97-unit affordable housing community for older adults in Oakland, California.
Capital One announced that it has closed $90.5 million in financing for the construction of Chinatown TOD Senior Housing. The community is being developed by East Bay Asian Local Development Corp. (EBALDC), the largest nonprofit provider of affordable housing in the city.
The financing from Capital One includes a $41.2 million low-income housing tax credit (LIHTC) equity investment and a $49.3 million construction loan. Enterprise Housing Credit Investments served as the LIHTC syndicator.
“As the construction lender and investor for Chinatown TOD, we’re proud to help deliver affordable housing that responds to community needs, including through its proximity to public transportation and resident services offered,” said Tamar Sarkisian, capital officer for community finance at Capital One. “Through this public-private collaboration, we’ll continue to make strides toward closing the affordable housing gap.”
Once complete, this property will consist of studio, one-, and two-bedroom units that will be restricted to residents earning no more than 30%, 50%, and 60% of the area median income (AMI). Chinatown TOD Senior Housing will be home to residents 55 and older, with roughly half of the units providing permanent supportive housing for formerly unhoused seniors.
Located next to the Lake Merritt BART station, Chinatown TOD will be half a mile from downtown Oakland and within walking distance of amenities, such as grocery stores, pharmacies, and medical facilities, as well as parks, libraries, and museums.
“This project is a testament to what’s possible when an empowered community produces a vision for its future," said EBALDC CEO Janelle Chan. "This project provides multigenerational housing, space for small businesses, and areas for the community to gather as a direct result of extensive community engagement and influence, and innovative public-private partnerships, particularly with BART. Today, we celebrate the first step toward realizing our community’s vision for a vibrant, healthy future."
EBALDC will offer a range of on-site supportive services to residents, including individual counseling and connection to public benefits. Permanent supportive housing residents will have access to case management services, such as employment coaching and budget management.
The ground floor will include a commercial kitchen that will be used for workforce development programming to support underrepresented entrepreneurs looking to break into the food service industry.
EBALDC serves more than 6,000 people and 114 small businesses and nonprofits annually.
