Purpose: To provide loans to non-profit housing developers to cover pre-development costs (feasibility analyses and preparation of loan applications) and to cover costs of preparing projects for syndication.
Status: Ongoing
Maximum Amount: $50,000 per project
Minimum Amount: N/A
Requirements
Eligible Applicants: Non-profit organizations with stable administrative structure and previous housing development experience.
Location: Citywide, Central District
Eligible Properties: Projects must be located in Oakland.
Income: At least 40% of project units must be reserved for households with incomes below 80% of Area Median Income.
Occupancy: Both Owner-Occupied and Rental.
Eligible Uses: Appraisal fees, financial packaging fees, preliminary architectural design work, engineering fees, fees for toxics and asbestos assessment studies, legal fees, permit fees, consultant fees, option agreements, syndication expenses, title/recording/escrow charges.
Other Requirements: Applicants must secure funding from other non-City sources for an amount equal to one-half the requested loan amount.
Loan Details
Interest Rate: 3.00% simple interest. Interest will be charged only on funds actually advanced to, or on behalf of, the borrower.
Payments/ Term
24 months
Loans are made for a term of up to twenty-four (24) months, unless an extension is approved by the Director of the Housing and Community Development Department.
Payment of principal and Interest deferred until receipt of project financing or the end of the 24-month period.
Prepayment Penalty: None
Security: Deed of Trust on real property, Unsecured loans may be granted where the borrower does not have any resources to secure the loan.
How to Apply
Status: Available Now
Deadline: None
Process: Complete and submit the application.
Application: Call 510-238-6177 to request an application.