Get the news that matters to all Californians. Start every week informed.Construction of what will be one of the largest mass timber towers in the world at 1510 Webster St. in downtown Oakland on Aug. 7, 2023. Of the 222 units 35 are designated affordable housing for households earning around 80% of the Area Median Income.
“We have entitled projects now that cannot get financed through the system,” said Nevada Merriman, vice president at MidPen Housing, a nonprofit developer. “There’s a pipeline here. It’s ready to go.” “We’re very intent on setting up a successful public interest mortgage lending system so that we are self-sustaining,” said Kate Hartley, the authority’s director. “Our goal is to get good quality housing out as quickly as possible and to meet that need — and to the people who fear that we won’t do a good job, to really prove them wrong.”
Even for one of California’s most reliably progressive regions, that’s no sure thing. Last March, a mental health housing and treatment bond was backed by Gov. Gavin Newsom and supporters spent nearly 15,000 times more than the opponents. Still,Recent polling commissioned by the Bay Area Housing Finance Authority, the results of which were detailed at the hearing, found that 54% of likely voters support the bond.