State and Local Funding Received for Major City Initiatives
Major funding awards were recently announced for three projects:
- A Transit Oriented Development Strategy for the Bayfair Transit Village;
- The San Leandro Creek Trail Master Plan; and,
- The Cornerstone Apartments.
These awards resulted from highly competitive funding cycles and demonstrate State and regional recognition of the City’s vision and efforts to grow economically and sustainably.
The Metropolitan Transportation Commission approved a $440,000 Priority Development Area Planning Grant to the City. The grant funds will enable the City to prepare a long-range plan to transform the Bayfair Transit Village, which includes Bayfair Center and the adjacent BART station, into a vibrant and sustainable transit-oriented neighborhood. The City will have over two years to develop and implement the plan, which will involve extensive community outreach and participation.
The City also received a $200,000 grant from Caltrans to develop a community-involved plan and implementation strategy for the San Leandro Creek Master Plan. The Master Plan envisions a pedestrian-oriented and attractively designed east to west trail from Oakland through San Leandro to enhance the natural landscape and recreational experience of the creek.
This week, the State Tax Credit Allocation Committee announced the award of low income housing tax credit financing for Phase 1 of the Cornerstone Apartments. Phase 1 includes 115 affordable family rental housing units along with a childcare center and underground BART parking. Phase 2 will have 85 affordable senior rental units. BRIDGE Housing is the nonprofit developer and plans to begin construction in Fall 2014. The $50 million Cornerstone Phase 1 represents the first residential project implemented under the City’s award-winning Downtown Transit-Oriented Development (TOD) Strategy and a substantial financial investment in the City.