Predevelopment
Loan Program
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Purpose
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To
provide loans to non-profit housing developers to
cover pre-development costs (feasibility analyses
and preparation of loan applications) and to cover
costs of preparing projects for syndication.
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Status
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Taking Applications Now.
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Maximum
Amount
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$35,000 per project (City-wide), $75,000 per project
(Central District)
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Minimum
Amount
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N/A
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REQUIREMENTS
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| Eligible
Applicants |
Non-profit organizations with stable administrative
structure and previous housing development experience.
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Location
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Citywide,
Central District
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| Eligible Properties |
Projects must be located in Oakland |
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Income
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At least 40% of project units must be reserved for
households with incomes below
80% of Area Median Income.
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Occupancy
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Both
Owner-Occupied and Rental
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| Eligible Uses |
Appraisal fees, financial packaging fees, preliminary
architectural design work, engineering fees, fees for
toxics and asbestos assessment studies, legal fees,
permit fees, consultant fees, option agreements, syndication
expenses, title/recording/escrow charges |
| Other
Requirements |
Applicants must secure funding from other non-City sources
for an amount equal to one-half the requested loan amount. |
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LOAN
DETAILS
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Interest Rate:
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6.00%
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Payments/
Term
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·
18
months
·
Payment
of principal and Interest deferred until receipt of
project financing or the end of the 18-month period
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Prepayment Penalty
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None
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Security
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Deed
of Trust on real property, Unsecured loans may be
granted where the borrower does not have any resources
to secure the loan.
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HOW
TO APPLY
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| Status |
Available
Now |
| Deadline |
None |
| Process |
Download
and print, or complete and submit the application.
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| Application |
Download
here or call 238-3502 to request an application |
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MORE INFORMATION
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| Details |
Download
program guidelines and application. |
| Projects
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N/A
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| Contact |
Janet
Howley, Housing Development Manager
(510) 238-3502
Housing Development Unit
City of Oakland
Community and Economic Development Agency
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*Area
Median Income limits are revised annually. Click here for current limits.
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