Oakland area citizens, religious leaders and politicians celebrated the June 25th ground breaking of a new 73-unit affordable housing development for senior citizens in downtown Oakland, California. The project, expected to open in Fall 2011, will convert a former gas station site and an adjacent building that was once a medical marijuana dispensary into a five-story residential complex. Harrison Street Senior Housing will house elderly residents 62 years of age or older who are in very low-income and extremely low-income households, with four units available to mobility impaired residents and two units available to hearing and/or vision-impaired residents. The Oakland Housing Authority provided the development partnership a long-term ground lease but will retain ownership of the land.
“This has been a part of OHA’s vision for a long time,” Oakland Housing Authority Executive Director Jon Gresley said. “Ensuring that we continue to serve our older residents is an important objective that we could not realize without the continued efforts of partners like Christian Church Homes. We are proud that we were able to provide the land necessary to get this development off the ground. We are also excited that this is the first ground up project that involves OHI, our non-profit affiliate.”
The project includes funding from Wells Fargo Bank ($11.2 million construction loan), U.S. Department of Housing and Urban Development ($8.6 million capital advance), Merritt Community Capital ($6.5 million), City of Oakland (5.1 million redevelopment funds), Federal Home Loan Bank ($700,000 Affordable Housing Program), and Oakland Housing Authority ($500,000 bridge loan).
“Every American citizen deserves a future full of promise and possibilities. For a senior living on a modest social security income, that starts with a warm, safe place to live. At Christian Church Homes we strive to provide affordable quality housing in caring communities with our various partners,” Christian Church Homes President and CEO Don Stump said. “Harrison Street Senior Housing is our latest effort in Oakland to create a place for more local seniors to call home and thrive.”
