CED Committee
November 18, 2025
AGENDA REPORT
TO: Jestin Johnson FROM: Emily Weinstein
City Administrator Director, Housing & and
Community Development
Department
SUBJECT: East Bay Asian Local Development
Corporation Property Sale/Loan
Forgiveness
DATE: October 28, 2025
City Administrator Approval
Jestin Johnson (Nov 14, 2025 09:03:37 PST)
Date: Nov 14, 2025
RECOMMENDATION
Staff Recommends That The City Council Adopt A Resolution Authorizing The City Administrator To Forgive $3,000,000 In Outstanding Principal And All Accrued And Unpaid Interest Owed By East Bay Highland Palms II, LP For The Highland Palms Property, And $5,000,000 In Outstanding Principal And All Accrued And Unpaid Interest Owed By East Bay Capital Fund II, LP For The Eastlake Property, To Preserve Long-Term Affordability Until 2073 And Facilitate The Property Sale To A New Owner.
EXECUTIVE SUMMARY
The proposed resolution would authorize the City Administrator to forgive $8,000,000 in outstanding principal and all accrued and unpaid interest for the Highland Palms property located at 1810 E. 25th Street, owned by East Bay Highland Palms II, LP (an EBALDC affiliate), and for the Eastlake property at 2515 10th Avenue, owned by East Bay Capital Fund II, LP (an EBALDC affiliate). This action would preserve 58 units of affordable housing in East Oakland, both located in Council District #2, for 55 years until 2073.
These properties were among the first awards under the City of Oakland's (City) Acquisition and Conversion to Affordable Housing (ACAH) Program in 2017, funded with $5 million for Eastlake and $3 million for Highland Palms from Measure KK bonds to acquire and rehabilitate multifamily buildings for low-income residents. This action supports EBALDC's stabilization efforts and sale to a new buyer while maintaining affordability restrictions, avoiding displacement and foreclosure.
It aligns with the City's goals of housing security and racial equity by serving low-income households at 80% AMI with rents limited to 30% of 80% of AMI, many from vulnerable populations. The action also reinforces EBALDC as a key affordable housing partner managing 18% of the City's affordable housing portfolio. To prevent the recurrence of financial distress and operational challenges—such as depleted reserves, high vacancy rates, and deferred maintenance that have plagued Eastlake and Highland Palms due to underestimated repair costs and market shifts—several measures will be implemented. These include bi-annual
Jestin Johnson, City Administrator
Subject: EBALDC Property Sale/Loan Forgiveness
Date: October 28, 2025 Page 2
2 City of Oakland – File#.18-2515 (legistar.com)
CED Committee
November 18, 2025
inspections to identify issues early, structured rent-up plans and arrears recovery protocols to boost revenue, and a dashboard tracking key performance indicators (KPIs) like occupancy (targeting 95% or higher) and reserve levels (ensuring at least three months of expenses). If thresholds are breached, the City will intervene promptly, ensuring proactive management and sustainability to avoid repeating the cycle of financial instability seen in these properties.
BACKGROUND / LEGISLATIVE HISTORY
The East Bay Asian Local Development Corporation (EBALDC) is Oakland’s largest provider of affordable housing, with over 2,100 existing homes for more than 4,000 residents and 1,100 additional units in the new construction development pipeline. As an Oakland community and cultural anchor, EBALDC has a long history of deep partnership with the City of Oakland to address place-based health inequities by providing vital social and financial services, affordable housing, and building collaborations that support residents to flourish. (See Real Estate Owned for all City of Oakland projects as Attachment A.)
On November 8, 2016, Oakland voters endorsed Measure KK, a $100 million bond dedicated to affordable housing and infrastructure. On November 29, 2016, the City Council passed Ordinance No. 13403 C.M.S.
1, establishing the Oakland Affordable Housing and Infrastructure Bond Law. On June 19, 2017, the City Council adopted Resolution No. 86774 C.M.S.2, allocating funds from the initial $55 million tranche of Measure KK bonds, which included the Site Acquisition Program. Originally planned as a short-term revolving loan initiative, it was adjusted by City Resolution 87220 C.M.S.3 on June 5, 2018, to support long-term loans.
On June 24, 2019, the Oakland City Council approved the 2019-2021 Budget, setting aside $12 million for the Preservation of Affordable Housing Fund (PAHF) to aid community land trusts and limited equity housing cooperatives in acquiring and maintaining properties with 25 units or fewer. City staff integrated this council directive into the ACAH Program, utilizing Measure KK funds for PAHF. However, no further PAHF resources have been assigned in later budgets, leaving ACAH funds as the primary support for these groups.
On September 12, 2019, the City Council passed Resolution No. 87876 C.M.S. 4 to rebrand the
Site Acquisition Program as the "Acquisition and Conversion to Affordable Housing (ACAH) Program" to boost its effectiveness in preventing resident displacement and securing affordable homes in Oakland neighborhoods. The ACAH Program gained authority to disburse up to $30 million without council re-approval, a limit now fully utilized. Additionally, on December 10, 2019, the City Council enacted Resolution No. 87981 C.M.S.
5, providing extra Measure KK funding.
The ACAH Program launched a competitive NOFA process to prioritize Oakland regions facing the greatest displacement challenges, properties housing rent-strapped or eviction-threatened families, substandard dwellings, and projects led by new developers.
1 City of Oakland – File#.16-0340 (legistar.com)
2 City of Oakland – File#.16-1229 (legistar.com)
3 City of Oakland – File#.18-0514 (legistar.com)
4 City of Oakland – File#.18-2222 (legistar.com)
CED Committee
November 18, 2025
Jestin Johnson, City Administrator
Subject: EBALDC Property Sale/Loan Forgiveness
Date: October 28, 2025 Page 3
Finally, on December 6, 2022, the City Council passed Resolution 89503 C.M.S.6 to allocate an additional $12,265,543 to the ACAH Program. These funds were awarded through a revised NOFA released on December 21, 2022, and updated on January 4, 2023. This latest NOFA favored projects from emerging developers, initiatives in areas with rising gentrification, and existing ACAH projects requiring extra funds for critical renovation work.
The Eastlake and Highland Palms properties were among the very first ACAH awards in 2017, with EBALDC receiving $5 million for the acquisition and rehabilitation of the 35-unit Eastlake Apartments at 2515 10th Avenue and $3 million for the 23-unit Highland Palms at 1810 E. 25th Street. The investments preserved 58 affordable units for extremely low-income households in East Oakland, targeting AMI levels of 30-50% to combat displacement in gentrifying areas (see Attachment B).
No other property in the City’s affordable housing portfolio has had its loan forgiven and been sold to a new buyer.
EBALDC’s 27-property portfolio in Oakland shows overall stability, with average occupancy at 90%, rent collections at 92%, and reserves covering 4-6 months of expenses. Inspection status is compliant in 85% of sites, with risks identified in 5 properties due to aging infrastructure.
Proactive efforts include capex investments and performance plans to mitigate issues.
ANALYSIS AND POLICY ALTERNATIVES
The 10th Ave Eastlake and Highland Palms properties have faced significant operational and financial challenges, contributing to their current distress:
o Eastlake Apartments (2515 10th Ave):
35 units, comprising 29 one-bedroom/one-bathroom units, 5 two- bedroom/one-bathroom units, and 1 studio, with 31 on-site parking spaces.
Rents capped below market rates to target low- and moderate-income households; maximum tenant household is set at 80% of AMI and max rents are set at 30% of 80% of AMI. Resident population includes diverse, working families and individuals.
Constructed in 1957, substantial funds have been invested in repairs, but deferred maintenance was underestimated, requiring further rehabilitation and life-safety upgrades. Over $1.1 million in capital repairs invested since acquisition, including a seismic retrofit.
Site constraints: Substandard construction leading to excess moisture and microbial growth, frequent subject of habitability lawsuits. o Highland Palms (1810 E. 25th Street):
23 units, comprising 8 one-bedroom/one-bathroom units, 14 two- bedroom/one-bathroom units, and 1 three-bedroom/one-bathroom unit. Rents capped below market rates for low-income households; maximum tenant household is set at 80% of AMI and max rents are set at 30% of 80% of AMI Resident population includes families and seniors from vulnerable populations.
6 City of Oakland – File#.22-0822 (legistar.com)
CED Committee
November 18, 2025
Jestin Johnson, City Administrator
Subject: EBALDC Property Sale/Loan Forgiveness
Date: October 28, 2025 Page 4
Constructed in 1964, with a major fire in 2021 and partial renovation completed in 2023. Deferred maintenance underestimated, requiring further rehabilitation. Over $3.3 million in capital repairs invested since acquisition, including fire-related repairs and seismic retrofit.
Site constraints: Hillside location subject to slipping; multi-level construction posing trip-and-fall liabilities; dead-end street with frequent illegal dumping; adjacent vacant lot attracting unhoused individuals and misconduct.
In addition, the properties face the following challenges:
o Marketing and Lease-Up Challenges: Transition from traditional affordable leasing to active marketing difficult, resulting in vacancies; regulatory rents reduced from 80% to 40-50% AMI; restricted units require intrusive management without economic benefits to tenants.
o Deferred Maintenance Issues: Life-safety upgrades and underestimated deferred maintenance required significant capital.
o Operating Expenses: Small sites limit economies of scale, increasing per-unit costs. o Resident Services Funding: Needs exceeded projections, redirecting funds. o Welfare Tax Exemption Participation: Resident resistance increased costs. o Financial and External Challenges: Accumulated debt under City loans, compounded by litigation; overleveraged properties; limited refinancing options; COVID-19 impacts including moratoriums and doubled operating costs from $7,300 per unit. Broader pressures like inflation and reduced NOI strained debt service while maintaining affordability.
Recent audited financial statements for as shown in Table 1 further underscore the ongoing financial distress.
Table 1. Financials
Metric Highland
Palms (2024)
Highland
Palms (2023)
Eastlake
(2024)
Eastlake
(2023)
Total Revenue $404,827 $155,503 $538,987 $651,587
Total
Operating
Expenses
$427,576 $226,112 $585,978 $641,203
Net Loss
Before
Entity/Financial
Items
($22,749)
($70,609)
($46,991)
$10,384
Interest
Expense ($231,290) ($229,965) ($324,018) ($325,199)
Depreciation ($174,913) ($90,372) ($161,347) ($165,175) Net Income
(Loss) ($419,637) $309,989 ($526,774) ($474,114)
Partners'
Deficit ($977,917) ($558,280) ($2,483,647) ($1,956,873) CED Committee
November 18, 2025
Jestin Johnson, City Administrator
Subject: EBALDC Property Sale/Loan Forgiveness
Date: October 28, 2025 Page 5
Total Assets $7,178,963 $7,332,645 $8,250,958 $8,883,834 Total Liabilities $8,156,880 $7,890,925 $10,734,605 $10,840,707
These results show persistent operating losses with revenues insufficient to cover expenses and debt service, leading to widening partners' deficits and reliance on related-party advances. For Highland Palms, the 2024 net loss of $419,637 (vs. a 2023 gain of $309,989 driven by a one- time involuntary conversion gain) reflects high vacancies and repair costs post-fire. Eastlake's consistent losses, exacerbated by $324,018 in interest, highlight structural net operating income shortfalls.
In response to persistent operational demands within EBALDC's portfolio of affordable housing developments (encompassing Eastlake Apartments and Highland Palms), the City of Oakland and EBALDC entered into a Loan Repayment Deferment Agreement effective December 31, 2024. The accord postpones the City's entitlement to surplus cash flow reimbursements from designated EBALDC initiatives, retaining a total of $2,011,699, and permits these resources to be allocated to a consolidated Oakland Portfolio Operating Reserve Fund. This fund supports coverage for shortfalls, upkeep, utility bills, insurance premiums, administrative fees, and additional qualifying outlays. Currently, Highland Palms has applied for $156,400 from the reserve, whereas 10th Ave Eastlake has yet to submit a request.
The properties’ problems stem from marketing and lease-up challenges, as the transition from traditional affordable leasing to active marketing proved difficult, resulting in vacancies, with regulatory rents reduced from 80% to 40-50% AMI and restricted units requiring intrusive management without economic benefits to tenants. Deferred maintenance issues arose from the need for life-safety upgrades and underestimated repair costs requiring significant capital.
Operating expenses are elevated due to small sites limiting economies of scale, increasing per- unit costs. Resident services funding needs exceeded projections, redirecting funds, while welfare tax exemption participation faced resident resistance, increasing costs. Financial and external challenges include accumulated debt under City loans compounded by litigation, overleveraged properties, limited refinancing options, and COVID-19 impacts including moratoriums and doubled operating costs from $7,300 per unit, with broader pressures like inflation and reduced net operating income straining debt service while maintaining affordability.
No other property in the City’s portfolio is currently at risk, including other properties owned by EBALDC, with Eastlake and Highland Palms’ struggles being unique due to only 4-10% of tenants utilizing Housing Choice Vouchers, which limits revenue compared to other properties benefiting from higher voucher participation and more lucrative rental markets.
Christian Church Homes, the next largest owner in the City’s portfolio, manages 16 affordable properties with a total of 1610 units and maintains strong fiscal health, as all properties are supported by project-based vouchers for seniors or families, ensuring stable and predictable rent revenue.
The proposed forgiveness will not impact the City’s ability to fund or build other housing, as Measure KK bond funds are not expected to be returned in full and the City does not anticipate receiving principal payments from any developer. To ensure this forgiveness does not become a regular practice, the City has addressed occasional requests from developers seeking loan forgiveness to improve their borrowing capacity, a practice that remains uncommon, and will CED Committee
November 18, 2025
Jestin Johnson, City Administrator
Subject: EBALDC Property Sale/Loan Forgiveness
Date: October 28, 2025 Page 6
require any developer seeking forgiveness to relinquish complete ownership of the property, as demonstrated with EBALDC’s sale of Eastlake and Highland Palms.
To prevent recurrence of financial distress and operational challenges, the City will enforce enhanced covenants including quarterly financial reporting, a minimum debt coverage ratio of
1.15, reserve funds at 5% of operating expenses, bi-annual inspections, structured rent-up plans, arrears recovery protocols, and a KPI dashboard triggering intervention if occupancy falls below 95% or reserves drop below three months of expenses.
The recommended action is to forgive the debt to preserve affordability, avoid displacement, and support EBALDC's sustainability. This supports the City's objectives for housing, economic, and cultural resilience by safeguarding 58 units at 80% AMI, with dedicated provisions for homelessness prevention, situated near transit and job centers. As an accountability mechanism, this decision carries the consequence that EBALDC will be barred from applying to any ACAH NOFAs for 24 months while maintaining affordability through 2073.
Alternative policy actions include foreclosure on the properties and risks loss of affordability, displacement of residents, and higher legal costs, making it more costly than forgiveness and contradicting housing preservation goals. Another option is partial debt forgiveness, which reduces some financial burden while retaining receipts but is insufficient to enable sale and stabilization, thus not fully unlocking sustainability for EBALDC. To prevent recurrence, new performance covenants include quarterly reporting, DCR targets of 1.15, reserve policies at 5% of expenses, bi-annual inspections, rent-up plans, arrears recovery, and KPI metrics triggering intervention.
Valuation & Disposition Rationale: The below-market purchase price and Broker's Opinion of Value (BOV) reflect condition (deferred maintenance requiring upgrades), location (neighborhoods now less desirable), and NOI (original assumptions unachievable today).
The following Table 2 compares broker underwriting scenarios for both properties, illustrating projected performance under in-place vs. market rents and current vs. pro forma expenses:
Table 2. Underwriting Scenarios
Metric
Eastlake -
Scenario 1
(In-Place
Rents,
Current
Expenses)
Eastlake -
Scenario 2
(In-Place
Rents, Pro
Forma
Expenses)
Eastlake -
Scenario 3
(Market
Rents, Pro
Forma
Expenses)
Highland
Palms -
Scenario 1
(In-Place
Rents,
Current
Expenses)
Highland
Palms -
Scenario 2
(In-Place
Rents, Pro
Forma
Expenses)
Highland Palms
- Scenario 3
(Market Rents,
Pro Forma
Expenses)
Effective
Gross
Income
$445,937
$667,383
$692,127
$521,760
$521,760
$528,960
CED Committee
November 18, 2025
Jestin Johnson, City Administrator
Subject: EBALDC Property Sale/Loan Forgiveness
Date: October 28, 2025 Page 7
Total
Expenses $481,985 $350,763 $352,593 $346,369 $249,616 $250,149 Net
Operating
Income
-$36,048
$316,620
$339,534
$175,391
$272,144
$278,811
Debt
Service $144,971 $144,971 $144,971 $140,295 $140,295 $140,295 Net Cash
Flow -$181,019 $171,649 $194,563 $35,096 $131,849 $138,516
BOV Range
$2.85M -
$3.35M
($81K-
$96K/unit)
$2.85M -
$3.35M
$3.1M -
$3.35M
$2.75M -
$3.25M
($119K-
$141K/unit)
$2.75M -
$3.25M
$3M - $3.25M
Cap Rate
Range
4.05% -
4.76%
4.05% -
4.76%
4.25% -
4.60%
5.00% -
5.85%
5.00% -
5.85% 5.39% - 5.84%
GRM Range 5.90 - 6.94 5.90 - 6.94 6.42 - 6.94 5.00 - 5.91 5.00 - 5.91 5.46 - 5.91
These predictions show that the value of the properties (called BOVs) matches what other similar properties have sold for, between $50,000 and $108,000 per unit. EBALDC’s plan is to sell them between $80,000 and $139,000 each. A large-scale marketing plan with the Colliers Bay Area team.
Legal And Policy Basis for Loan Forgiveness
The City has clear legal authority to restructure or forgive outstanding housing development loans when doing so is necessary to preserve long-term affordability, prevent displacement, and secure continued public benefit. This authority derives from Ordinance No. 13403 C.M.S. (establishing the Oakland Affordable Housing and Infrastructure Bond Law) and subsequent Council actions, including Resolution 87220 C.M.S and 87876 C.M.S., which authorize the City to modify loan terms to advance affordable housing objectives.
In this case, loan forgiveness is tied directly to continued affordability restrictions through 2073, transfer of ownership to a new, qualified affordable housing operator, and new performance covenants that enhance oversight and accountability. The Office of the City Attorney has reviewed the proposed action and determined that forgiving the outstanding principal and accrued interest is legally permissible and consistent with the City’s housing policy objectives, provided that affordability covenants remain intact, and the regulatory agreement is assumed by the new owner.
This action is also consistent with the City’s Housing Element (2025–2030) and Racial Equity Strategic Plan, both of which prioritize preserving existing affordable housing, preventing displacement, and stabilizing historically Black and low-income communities in East Oakland.
CED Committee
November 18, 2025
Jestin Johnson, City Administrator
Subject: EBALDC Property Sale/Loan Forgiveness
Date: October 28, 2025 Page 8
NEXT STEPS FOLLOWING COUNCIL APPROVAL
Upon City Council adoption of the proposed resolution, staff will initiate the following sequence of actions to ensure an orderly and transparent implementation of the loan forgiveness and property transfer:
Timeline Action
December 2, 2025 City Council considers and, if approved, adopts the resolution authorizing loan forgiveness for Highland Palms and Eastlake Apartments.
December 3 –
December 5, 2025
Within 15 days of
Council approval
Execution of loan forgiveness agreements and coordination with the Office of the City Attorney and Controller’s Office to prepare Full Reconveyance and Substitution of Trustee documents.
Purchase and sale contract is executed but sale is contingent upon City debt forgiveness and assumption of the regulatory agreement.
Per the terms of the offer, the transaction is expected to close within 15 days of debt forgiveness, if and when granted by Council on November 4.
January 2026 Recordation of reconveyance documents and regulatory agreement with affordability restrictions through 2073.
February 2026 Initiation of enhanced oversight framework, including quarterly financial reporting, KPI monitoring, and bi-annual inspections to ensure ongoing compliance and financial health.
In sum, the proposed resolution would forgive the debt to preserve affordability, avoid displacement, and support EBALDC's sustainability. This supports the City-wide priority objectives for housing, economic, and cultural resilience by safeguarding 58 units at 80% AMI, with dedicated provisions for homelessness prevention, situated near transit and job centers.
FISCAL IMPACT
Without forgiveness, foreclosure could cost more in legal fees and lost of affordability. Measure KK funds are treated separately, with no direct drawdown on general funds. Lending capacity remains intact as modeled in with/without scenarios.
To further illustrate the financial distress and justification for forgiveness, the properties have required substantial operating advances from EBALDC, with reserves fully depleted:
Highland Palms: Operating advances totaled $764,194 since acquisition, including $152,143 in 2025 alone. Operating reserves (OR) and replacement reserves (RR) balance: $0. In 2024, revenue was $311,056, while annual debt service is $204,624 (now principal + interest post-June 2024).
Eastlake: Operating advances totaled $846,509 since acquisition ($73,742 from EBALDC; $772,767 from exhausted First Republic Bank reserve), including $73,271 in CED Committee
November 18, 2025
Jestin Johnson, City Administrator
Subject: EBALDC Property Sale/Loan Forgiveness
Date: October 28, 2025 Page 9
2025 alone. OR and RR balance: $0. In 2024, revenue was $328,699, while annual debt service is $256,464 (now principal + interest post-June 2024).
These metrics highlight chronic shortfalls, where revenues fall short of debt service and operational needs, necessitating EBALDC subsidies and underscoring the unsustainability without forgiveness.
PUBLIC OUTREACH / INTEREST
Outreach included collaboration with EBALDC and stakeholders impacted by affordable housing.
No additional outreach was deemed necessary beyond standard City Council agenda noticing procedures, because the action preserves existing affordability without new development or community disruption.
COORDINATION
This report and recommendation have been coordinated with the Office of the City Attorney and Budget Bureau.
SUSTAINABLE OPPORTUNITIES
Economic: The proposed action would preserve affordable housing, supports local jobs in property management, and maintains economic stability for low-income residents.
Environmental: There are no environmental opportunities associated with this report
Race & Equity: Preserving the Eastlake property at 2515 10th Avenue and the Highland Palms property at 1810 E. 25th Street fosters racial and economic equity by providing housing for diverse, low-income communities. Combining data from both properties, the total resident population is 38 (21 at Eastlake and 17 at Highland Palms), with a combined average total household income of approximately$45,000. Income streams are varied, encompassing wages, SS/SSI/pensions, and Housing Choice Vouchers, which account for roughly 5% of the total tenant base.
Demographically, the combined cohort is predominantly Black or African American (27 out of 38, or 71%), with Eastlake contributing 15 and Highland Palms 12, alongside 5 White residents (4 at Eastlake, 1 at Highland Palms), 6 Hispanic residents (4 at Eastlake, 2 at Highland Palms), and 6 individuals declining to report. This composition highlights the properties' critical role in supporting a majority-Black, low-income population, including elderly residents at Eastlake (19%) and minimal dependents across both thereby reducing displacement and enhancing housing stability and equity for communities of color in East Oakland. Additionally, the sale to new owners will not remove affordability restrictions, which will remain in place until the regulatory agreement expires in 2073.
ACTION REQUESTED OF THE CITY COUNCIL
Jestin Johnson, City Administrator
Subject: EBALDC Property Sale/Loan Forgiveness
Date: October 28, 2025 Page 10
CED Committee
November 18, 2025
Staff Recommends That The City Council Adopt A Resolution Authorizing The City Administrator To Forgive $3,000,000 In Outstanding Principal And All Accrued And Unpaid Interest Owed By East Bay Highland Palms II, LP For The Highland Palms Property, And $5,000,000 In Outstanding Principal And All Accrued And Unpaid Interest Owed By East Bay Capital Fund II, LP For The Eastlake Property, To Preserve Long-Term Affordability Until 2073 And Facilitate The Property Sale To A New Owner.
For questions regarding this report, please contact Twima Earley, Manager of Asset Management Services, Housing and Community Development at [email protected]
Respectfully submitted,
EMILY WEINSTEIN
Director, Housing and Community Department
Prepared by:
Twima Earley, Manager
Asset Management Services, HCD
Attachments (2):
Attachment A: Real Estate Owned for EBALDC
Attacment B: ACAH Project Awards 2017-Present
Total Residential Stabilized Portfolio 1,941
Attachment A
As of Date: 03/31/2025
Real Estate Schedule for EBALDC
Wholly Owned (Stabilized)
Property Name
Location
City, State
CRE Asset
Class
C/O Date
Year Built
PIS
New Constr
Rehab?
Population Total #
of Units
1. Effie's House (Ivy Hill) 829 E. 19th Street,
Oakland, CA
Apartment 1906 Rehab Family 21
2. Hugh Taylor House 1935 Seminary Avenue,
Oakland, CA
Apartment 1953 Rehab Family 43
3. Slim Jenkins Court 720 Willow Street,
Oakland, CA
Apartment 1989 New
Construction;
Substantial
Rehab
Family 32
8. Oak Park Apartments 2618 E. 16th Street,
Oakland, CA
Apartment 1959 10/28/2003 Rehab Family 35
9. Swan's Market Apartments 918 Clay Street, Oakland,
CA
3850 San Pablo Avenue,
Emeryville, CA
Apartment 2000 12/15/1999 New
Construction
New
Construction
Family 18
11. Avalon Senior Housing Apartment 2000 9/22/2000 Senior 67
12. Jack London Gateway Senior 989 Brush Street,
Oakland, CA
Apartment 2006 5/8/2009 New
Construction
Senior 61
Total Wholly Owned (Stabilized) 277
LIHTC (Stabilized)
Property Name
Location
City, State
CRE Asset
Class
C/O Date
Year Built
PIS
New Constr
Rehab?
Population Total #
of Units
1. California Development, LP
"California Hotel"
3501 San Pablo Avenue,
Oakland, CA
Apartment 1930 1/1/2013 Rehab Family 137
2. Drasnin Manor, LP 2530 International,
Oakland, CA
Apartment 1992 5/10/2013 Rehab Family 26
3. 11J Family Housing, LP
"Prosperity Place"
188 11th St, Oakland, CA Apartment 2016 12/20/2016 New
Construction
Family 71
4. Fruitvale Transit Village II-A,
LP
"Casa Arabella"
3611 East 12th Street,
Oakland, CA
Apartment 2019 12/6/2019 New
Construction
Family 94
5. Hin Nu Garvey
"Hismen Hin-Nu Terrace" &
"Marcus Garvey"
2555 International Blvd.,
Oakland, CA
Apartment HNN - 1995,
MGC - 1992
2/10/2016 New
Construction;
Substantial
Rehab
Family 114
6. Madison Park 100 9th Street, Oakland,
CA
Apartment 1908 5/31/2020 Substantial
Rehab
Family 98
7. Frank G. Mar Community
House
283 13th Street, Oakland,
CA
Apartment 1990 7/1/2021 New
Construction;
Substantial
Rehab
Family 119
8. San Pablo Hotel 1955 San Pablo Avenue,
Oakland, CA
Apartment 1907 4/30/2019 Substantial
Rehab
Senior 55+ 144
9. Seven Directions Apartment 2946 International Blvd., Oakland, CA
Apartment 2008 8/29/2008 New
Construction
Family 36
10. Oakland Coliseum-Lion
Creek Crossing I
6951 Lion Way, Oakland Apartment 2006 4/27/2006 New
Construction
Family 115
11. Lion Way-Lion Creek
Crossing II
6951 Lion Way, Oakland,
CA
Apartment 2007 9/26/2007 New
Construction
Family 146
12. Creekside-Lion Creek
Crossing III
6951 Lion Way, Oakland,
CA
Apartment 2008 5/21/2008 New
Construction
Family 106
13. Village-Side-Lion Creek
Crossing IV
6951 Lion Way, Oakland,
CA
Apartment 2011 12/16/2011 New
Construction
Family 72
14. Lion Creek Crossing V 6951 Lion Way, Oakland,
CA
Apartment 2014 7/21/2014 New
Construction
Family 128
15. 17.
Lakeside Drive Senior
Housing
Oakland Point
1515 Lakeside Drive,
Oakland, CA
1448 10th Street,
Oakland, CA
Apartment
Apartment
1982
1896-1906
5/1/2021
3/1/2001
New
Construction
Rehab
Senior
Family
195
31 Total LIHTC (Stabilized) 1,632
Non-LIHTC Affordable (Stabilize Location
Property Name City / State
CRE Asset
Class
C/O Date
Year Built
New Constr
Rehab?
Population Total #
of Units
1. Madrone Hotel 477 8th Street, Oakland,
CA
Apartment 1988 Rehab Family 32
Total Non-LIHTC Affordable (Stabilized) 32
Total Units
Total Stabilized Portfolio - Commercial and Residential 1,941 #REF!
Total Land Portfolio
Commercial (Stabilized)
Property Name
Location
City / State
CRE Asset
Class
Year Built
New Constr
Rehab?
Population
1. 1825 San Pablo Ave
(1825llc)
Master Lessor entity
EBALDC headquarters
1825 San Pablo Ave,
Oakland, CA
Commercial 1925 Rehab N/A
2. Swan's Commercial
(SMPInc) Mastor Lessor
918 Clay Street, Oakland,
CA
Commercial 1908 Rehab N/A
3. Asian Resource Center 311 8th Street, Oakland,
CA
Commercial 1922 Rehab N/A
4. Madrone Commercial 477 8th Street, Oakland,
CA
Commercial 1988 Rehab N/A
5. Mar Commercial (MC)
Drasnin Commercial
1825 San Pablo
Headquarters (Lessee
entity)
California Hotel Commercial
283 13th Street, Oakland,
CA
2530 International,
Oakland, CA
1825 San Pablo Ave,
Oakland, CA
3501 San Pablo Avenue,
Oakland, CA
Commercial
Commercial
Commercial
Commercial
1990
2011
1925
1930
New
Construction;
Substantial
Rehab
New
Construction
Rehab
Rehab
N/A
N/A
N/A
N/A
6. 7.
8. 9. Lion Creek Crossing
Commercial
6951 Lion Way, Oakland,
CA
Commercial 2014 New
Construction
N/A
10. Swans Commercial
(operating entity for
SMPINC)
918 Clay Street, Oakland,
CA
Commercial 1908 New
Construction
N/A
11. Prosperity Place Commercial 188 11th St, Oakland, CA Commercial 2016 New Construction
N/A
12. Avalon Commercial 3850 San Pablo Avenue,
Emeryville, CA
Commercial 2000 New
Construction
N/A
13. SACRI 2555 International Blvd.,
Oakland, CA
Commercial 1995 New
Construction;
Substantial
Rehab
N/A
14. Slim Jenkins Commercial 720 Willow Street,
Oakland, CA
Commercial 1989 New
Construction;
Substantial
Rehab
N/A
15. San Pablo Hotel Commercial 1955 San Pablo Avenue,
Oakland, CA
Commercial 1907 Rehab N/A
Total Commerical (Stabilized) 1,179
Total Units LIHTC Units
Annual negative cash flow, total:
Annual NET cash flow, total:
Land Holdings, (Predevelopmen Location
Property Name City, State
Projected
Dev
Date
New Constr
Rehab?
Population Total Units
Proposed
1. 34th and San Pablo 34th St & San Pablo Ave,
Oakland, CA
3/1/2026 New
Construction
Families and
formerly
homeless
60 2. 285 12th Street 285 12th Street, Oakland,
CA
12/1/2026 New
Construction
Family;
Homeless;
Veterans
65 3. West Grand and Brush West Grand & Brush
Parcel B Streets, Oakland, CA
12/1/2027 New
Construction
TBD 60
Total Land Holdings, Predevelopment 185
Non-LIHTC Under Construction Location
Property Name City, State
Projected
Completion
Date
New Constr
Rehab?
Population Total Units
Proposed
1. West Grand and Brush West Grand & Brush
Parcel A Street, Oakland, CA
TCO 4/4/2025
New
Construction
Families and
formerly
homeless
59 2. Phoenix 01 Pine Street, Oakland, CA
9/26/2025
New
Construction
50% PSH 101
3. E 12th Street st 12th Street, Oakland, CA 94606
4/26/2026
New
Construction
Family: 23 PSH
Units
91 4. Lion Creek Crossing Phase 1
6951 Lion Way, Oakland
########
Rehab Family 115
5. Lion Creek Crossing Phase 2 6951 Lion Way, Oakland, CA
########
Rehab Family 146
5. Giant Road 907 Lake Street, San
Pablo, CA
5/29/2025
Rehab Family 86
6. Chinatown BART Senior
51 9th Stree, Oakland
11/1/2026
New Constr Senior; PSH 97
Total Non-LIHTC Under Construction 695
Attachment B
Ac
quisition and Conversion to Affordable Housing (ACAH) Project Awards, 2017-Present CLT/COOP?
Year of
NOFA Project Name Project Sponsor Address # of Units
# of
Affordable
Units City Funds
City Funds Per
Unit
Council
District
2017 Highland Palms EBALDC 1810 E. 25th Street 23 22 $3,000,000 $130,435 2 2017 10th Avenue Eastlake EBALDC 2515 10th Avenue 35 34 $5,000,000 $142,857 2 CLT/COOP 2017 812 East 24th Street OakCLT 812 East 24th Street 7 7 $974,150 $139,164 2 CLT/COOP 2019 OakCLT Scattered Site (107th/Wentworth/87th) Oakland
Community Land
Trust (OakCLT)
2242 107th Ave, 5330
Wentworth Ave, 1709 87th Ave 3 3 $849,616 $283,205 5
2019 10320 MacArthur Blvd Project
Richmond
Neighborhood
Housing Services 10320 MacArthur Blvd 17 17 $2,500,000 $147,059 7 CLT/COOP 2019 Harvest House OakCLT 5940 Hayes Street 1 1 $150,000 $150,000 6 CLT/COOP 2019 6470 MacArthur Blvd OakCLT 6470 MacArthur 2 2 $390,606 $195,303 6 CLT/COOP 2019 Newton House BACLT 285 Newton Street 2 2 $300,000 $150,000 2 CLT/COOP 2020 1534 29th Avenue OakCLT 1534 29th Avenue 14 14 $2,100,000 $150,000 5 CLT/COOP 2020 789 61st Street Coop NCLT 789 61st Street Coop 4 4 $1,200,000 $300,000 1 CLT/COOP 2020 1658 34th Avenue OakCLT 1658 34th Ave 4 4 $1,200,000 $300,000 5 2020 East Bay Capital Portfolio II Fund IV, LP EBALDC 430 Vernon St, 3465 Richmond B 40 39 $1,700,000 $43,590 1 CLT/COOP 2019 & 2020 Scattered Site (Hillside/Ritchie/76th) OakCLT 8020 Hillside Street; 2684 Ritchie
Street, 2735 76th Avenue 3 3 $900,000 $300,000 6
CLT/COOP 2019 & 2022 12th Avenue Cooperative
Bay Area CLT
(BACLT) 1432 12th Ave 7 7 $2,609,831 $372,833 2
CLT/COOP 2019 & 2022 6106-6108 Hilton St CLY Anti-Displacement Project Northern California
Land Trust (NCLT) 6106-6108 Hilton Street 16 16 $4,800,000 $300,000 6 CLT/COOP 2019 & 2022 Shadetree BACLT/SHADE 48 5th Ave 25 20 $4,700,000 $235,000 2 2019 & 2022 2000 36th Avenue The Unity Council 2000 36th Ave 55 54 $7,500,000 $136,364 5 2019 & 2022 524-530 8th Street
Housing
Consortium of East
Bay 524-530 8th Street 39 39 $7,500,000 $192,308 3
2019 & 2022 36th Ave Apartments The Unity Council 1921 and 2022 36th Ave 25 24 $7,500,000 $300,000 5 322 312 $54,874,203