East Bay Asian Local Development Corporation (EBALDC) is a mission-focused group of affordable housing developers located in California’s East Bay that aims to develop, preserve, and manage affordable rental and owner-occupied homes, retail properties and community centers. It requested a $6,307,000 loan to support predevelopment funding that will be developed into 59 units of deeply affordable housing.
The strong real estate market in East Bay has made it difficult for developers to obtain sites, in addition to exacerbating the affordability and homelessness crisis present in California’s larger cities. The loan will help directly finance Phase I of project, developing 58 affordable units, of which over half will be supportive housing restricted to 20-30% AMI. The loan will also enable EBALDC to continue conceptual planning around Phase II, which will create additional affordable units in the future.
EBALDC has developed and preserved more than 2,300 affordable housing units. EBALDC has also developed more than 300,000 square feet of commercial and community space that bring street-level vitality and critical services to their neighborhoods. It is currently in various stages of the development of another six properties which will provide an additional 319 affordable housing units and is planning to rehabilitate and re–syndicate three portfolio properties with a total 175 units within the next five years.
PCG worked with NeighborWorks Capital (NWC) to provide $1,000,000 towards the loan. When combined with capital provided by NWC and Community Vision, a total $6,307,000 was funded to continue to provide quality affordable housing in California’s East Bay.