2.11 21-0036 Subject: Affordable Housing Funding For Mark Twain Homes
From: Housing & Community Development Department
Recommendation: Adopt A Resolution Authorizing A Consolidated Affordable Housing Development Loan To Mark Twain Partners, LP, An Affiliate Of Oakland & The World Enterprises, Inc., And Memar Properties, Inc., In An Amount Not To Exceed $4,776,000 For The Mark Twain Homes Affordable Housing Acquisition And Rehabilitation Project And Making California Environmental Quality Act Findings
The report in support of this legislation does not include important information. According to public records and listing information concerning this property, it was renovated in 2015 and is already configured as "efficiency" and studio apartments, except for 2 two-bedroom units. How much of the loan money will be used to acquire the property and how much will be used for renovation? What is the proposed purchase price? Also, the financing is characterized as a loan but in the legislation, there is no enforceable provision for repayment. This creates the appearance that what is being characterized as a loan is in fact a gift. Because the money is being supplied by Oakland tax payers and the recipients include a private for-profit company, there should be more transparency regarding the details of this item before it is approved.
The report in support of this legislation does not include important information. According to public records and listing information concerning this property, it was renovated in 2015 and is already configured as "efficiency" and studio apartments, except for 2 two-bedroom units. How much of the loan money will be used to acquire the property and how much will be used for renovation? What is the proposed purchase price? Also, the financing is characterized as a loan but in the legislation, there is no enforceable provision for repayment. This creates the appearance that what is being characterized as a loan is in fact a gift. Because the money is being supplied by Oakland tax payers and the recipients include a private for-profit company, there should be more transparency regarding the details of this item before it is approved.