LIIF and partners recently provided $1.8 million to the Northern California Land Trust (NCLT) for the acquisition and rehabilitation of a 16-unit apartment building in Oakland, CA to ensure long-term affordability and wealth building opportunities for residents. The investment includes $667,000 from the Bay Area Preservation Pilot (BAPP), $933,000 from SPARCC and a $200,000 capital grant from SPARCC. An additional $2.6 million of soft debt was provided by the City of Oakland.
The land trust’s acquisition of the property will permanently provide affordable housing and prevent displacement for low-income residents of color in East Oakland, which aligns with LIIF’s focus on racial equity and social justice. A recent community survey by SPARCC shows that almost all current residents at the property identify as Latino- or POC-headed households, and over 50% of the households are rent burdened.
NCLT is dedicated to creating and preserving permanently affordable housing for people with low to moderate incomes. Through meetings and workshops, the land trust will assist residents in the process of becoming owners of their units, or in maintaining the property as a restricted affordable rental property, depending on their desires and financial abilities.
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BAPP is a $49 million fund launched to help stabilize communities by providing nonprofit developers with the capital to acquire and preserve multi-family, transit-accessible affordable housing in the San Francisco Bay Area. The fund is a partnership between LIIF, the Metropolitan Transportation Commission and Enterprise Community Loan Fund.
SPARCC is an initiative of LIIF, Enterprise Community Partners and the Natural Resources Defense Council to invest in regional community developments that address racial disparities, build a culture of health and prepare for a changing climate.