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: $35,000 per project (City-wide), $75,000 per project (Central District)
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: 6.00%
Payments/ Term
18 months
Payment of principal and Interest deferred until receipt of project financing or the end of the 18-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.