Oakland has secured a significant boost in its efforts to tackle the housing crisis with a $44 million injection of cap-and-trade funds from the state, targeted at creating sustainable and affordable housing for its residents. Governor Gavin Newsom announced the allocation of more than $789 million distributed among various cities, of which Oakland is a crucial beneficiary. The funds contribute to the broader Rise East initiative, a $100 million program aimed at revitalizing under-resourced areas of the community.
Slated to receive the funds, the Liberation Park Project spearheads the affordable housing effort with plans to build a 119-unit complex dedicated entirely to income-qualified tenants earning between 20% and 60% of Alameda County's median income; the development partnership between Black Cultural Zone Community Development Corporation and Eden Housing is set to include substantial amenities and infrastructural improvements, enhancing the neighborhood's accessibility and livability the project emphasizes community involvement and economic development in traditionally underserved East Oakland, according to Eden Housing's official website.
This development initiative, centered at Liberation Park in deep East Oakland, is noted for having all its units earmarked for extremely low to low-income groups, with a significant portion designated for those with special needs. It will also foster an entrepreneurial spirit by incorporating live-work spaces for local artists and a family childcare business; a marketplace and hub managed in partnership with the Community Arts Stabilization Trust are also part of the adjacent area's transformation plans.
Oakland Mayor Sheng Thao expressed enthusiasm for the area's future and the $44 million grant, noting the projected positive impact on housing affordability, job creation, retail enhancement, and pedestrian safety.
I'm thrilled to announce that Oakland's Liberation Park Project will receive $44 million from the State of California to build 119 units of 100% affordable housing at Liberation Park. This transformational project, located in the heart of deep East Oakland, is a cornerstone of… pic.twitter.com/ZhvlNygoPw
— Mayor Sheng Thao 盛桃 (@MayorShengThao) August 26, 2024
