Oakland approved up to $50,000,000 for affordable housing programs. The documents do not identify the projects, parcels, neighborhoods, or property tax amounts involved.
What the city is deciding
The City Council passed the resolution on October 20, 2026. It authorizes loans and grants from Measure U Tranche 3 bond proceeds, contingent on sufficient bond sales and final project funding legislation.
The money can support new multifamily rental housing, homeless housing and Homekey, property acquisition and conversion, and rehabilitation of existing affordable housing. The City Administrator may also move previously authorized money among Tranches 1, 2, and 3 without increasing the total authorized amount.
Where and who it affects
This is a citywide program. No specific parcel, block, tract, or neighborhood is named for Tranche 3 funding.
The documents do not name individual projects or addresses.
What it could mean for your property
The resolution does not fund a specific project. It is contingent on approval of final project funding authorization legislation. Each project gets its own environmental determination before a loan or grant.
For properties receiving city loans, restrictions on occupancy, rents, and operations must be recorded against the land. Each loan must be secured by a deed of trust and may have a maximum term of 55 years. Reserved funds may remain committed for no more than 24 months from the commitment letter.
The acquisition program can finance homes and apartment buildings for conversion to affordable housing. The Health and Safety Loan Program can provide loans generally limited to $250,000 per project for urgent conditions at qualifying subsidized multifamily properties. Those loans carry no interest and have a 55 year term.
The documents say project owners will cover operations and maintenance costs. They do not say how Measure U bonds are repaid or state any property tax rate or amount.
Questions to ask before you buy or build
- Is the property subject to recorded occupancy, rent, or operating restrictions?
- Is a city loan secured by a deed of trust against the property?
- Has the property been selected for acquisition, conversion, or rehabilitation funding?
What happens next
Oakland plans to release its notice of funding availability, the call for project applications, in late 2026 or early 2027. Applications will be scored, and the resolution still depends on approval of final project funding legislation. The department will report project locations, populations served, income levels served, and development status to the Council in an annual report.