On November 8, 2016, City of Oakland voters approved Bond Measure KK to fund affordable housing projects and programs and infrastructure improvements. The program guidelines set forth below are in accordance with the City’s Affordable Housing and Infrastructure Bond Law adopted by Oakland City Council in City Ordinance 13403 C.M.S., dated November 29, 2016, and codified in Chapter 4.54, Article IV, of the Oakland Municipal Code. The purpose of the Bond Measure KK Acquisition and Conversion to Affordable Housing (ACAH) Program is to provide loans to eligible borrowers for acquisition- and rehabilitation-related costs associated with protecting and preserving long term affordable housing throughout the City of Oakland. Approximately $30 million is available for the ACAH Program, and it is divided into two subprograms: $12 million is available for community land trusts/limited equity housing cooperatives, and $18 million is available for all types of affordable housing developers. This NOFA pertains to the Permanent Affordability Program for Community Land Trusts/Limited Equity Housing Cooperatives subprogram.

Some important points for eligible Projects : Acquisition only or Acquisition/Rehabilitation of unsubsidized buildings with 25 units or fewer. Rehabilitation-only projects are not eligible. Project tenure may be rental, ownership or lease to own. Project type may be family, senior, permanent supportive housing or transitional. Projects will be allowed to convert to shared-equity ownership tenures that are permanently affordable. Projects may be occupied or vacant, but priority will be given to occupied buildings. Vacant buildings are eligible if at least twenty-five percent (25%) of units will be restricted and affordable to extremely low-income households (households with incomes at or less than thirty percent (30%) of Area Median Income (AMI)) and twenty five percent (25%) of units will be restricted to very low-income households (households with incomes at or less than fifty percent (50%) of AMI). Projects that include the conversion of existing structures on the property to an Accessory Dwelling Unit (ADU), such as the conversion of a room or rooms in the home, conversion of existing space within the home like an attic or basement, conversion of an attached garage space, or conversion of an existing detached accessory structure.