EAH Housing has secured a new $12.8 Million loan to finish their affordable housing development at 4300 San Pablo Avenue in Emeryville. The KTGY-designed project has been in the works since 2020 but has hit several funding roadblocks delaying completion. The recent funding, approved by the Emeryville city council, hopes to push the project over the finish line.
The much-needed affordable project has a target demographic of seniors and transitional-aged youths, with qualifiers set at individuals who earn between 30%-60% of the median income. The 68 one and two-bedroom units would range between $731 and $1553 per month.
Despite the project’s strong city backing, the project has had concerns over losing both state and county funding, with the state removing the ability for projects to apply for $25,000 per unit in buildings servicing special needs, and the project being unable to provide units at a low enough cost to meet the benchmark for Alameda County Measure A. With rising costs of construction slowing progress, there has not been sufficient private or other outside investment to bridge the gap until now.
EAH housing and the Emeryville City Council are hopeful that this will be the final funding push needed. Additionally, if the county waives its benchmark requirement for funding, the loan total may be reduced by $2.5 million, but the project will move ahead regardless.
4300 San Pablo Avenue Original site, image via Google Satellite
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Gosh, if the developers cannot find funding for seniors and transitional-aged youths at 30%-60% AMI, the state and county should re-evaluate our funding buckets. The project is proposing basically VLI and providing housing to two underfunded demographics with high need.