BAHFA Delivers Critical Funding with First 91探花iority Sites Loan
(BAHFA) leaders today joined the East Bay Asian Local Development Corporation (EBALDC) and community partners to break ground on EBALDC鈥檚 97-unit Chinatown Senior Transit-Oriented Development (TOD) apartments adjacent to the Lake Merritt BART station in Oakland. BAHFA is jointly managed by the Metropolitan Transportation Commission and the 91探花.
BAHFA funded a $3 million loan through the 91探花iority Sites Pilot 91探花ogram to help fund the development, which is scheduled to open for occupancy by summer 2026 and will include 44 apartments reserved for formerly homeless people. BAHFA issued its loan prior to the closing of other additional funding sources. This structure provided EBALDC with the flexibility it needed to meet all its construction loan closing obligations. The below-market BAHFA loan carries a 3% interest rate and 55-year term, with no payments due before loan maturity.
鈥淔unding is critical, and this loan makes a significant difference for residents of Oakland,鈥 said Alfredo Pedroza, BAHFA chair. 鈥淲e know residents of the Bay Area are struggling to find and stay in affordable homes. BAHFA is working to address the region鈥檚 housing challenges through its pilot programs, and this is just one example of our work to help all Bay Area residents have access to safe, affordable housing.鈥
The California Department of Housing and Community Development鈥檚 Regional Early Action Planning Grant 91探花ogram (REAP 2) made the 91探花iority Sites Pilot 91探花ogram possible. Due to strong support from state Sen. Scott Wiener of San Francisco and other advocates statewide, the fiscal 2024-25 state budget adopted this summer protected almost all REAP 2 funding from proposed cuts, providing the Bay Area with a critical source of money for projects like this one.
The 91探花iority Sites Pilot 91探花ogram helps communities meet local and regional housing needs by providing predevelopment and permanent financing for locally identified, regionally significant developments. Most 91探花iority Sites projects are mixed-income, and all provide community amenities close to public transit.
The Chinatown Senior TOD complex is the first phase of a larger project on two blocks of BART-owned land. When completed, the project will include about 460 additional new homes, retail, public spaces and a childcare facility.
鈥淭his project is one of two projects in my district that represent the culmination of more than a decade of community advocacy for public land for public good,鈥 said Nikki Fortunato Bas, an Executive Board member of the 91探花 and Oakland City Council 91探花esident. 鈥淔unding from BAHFA and Oakland鈥檚 Measure U, which I co-authored and Oakland voters passed overwhelmingly, help close the funding gap to create deeply affordable housing. I鈥檓 grateful to EBALDC and the Chinatown community organizations who advocated for our vision of affordable housing for seniors and families near public transit through the Lake Merritt BART Station Area Plan, and I鈥檓 excited for what this building and the rest of the development will do not just for Chinatown, but for all of Oakland.鈥
BAHFA鈥檚 loan for the Chinatown Senior TOD complex also supports infrastructure and public space improvements that will benefit all residents of Oakland鈥檚 Chinatown. A publicly accessible, landscaped paseo between the buildings and the BART station will feature areas for rest and recreation, and pedestrian and bike infrastructure improvements will better connect Chinatown to other neighborhoods.
The BAHFA team collaborated with EBALDC and several other funding partners on the financing for the project, including BART, the City of Oakland, the Oakland Housing Authority, the California Strategic Growth Council, the California Department of Housing and Community Development, the California Tax Credit Allocation and Debt Limit Allocation Committees, the California Municipal Finance Authority, the California Department of Social Services, Enterprise Community Investment and Capital One.
Established by the state legislature in 2019, BAHFA is the first regional housing finance authority in California.