Fruitvale Studios
Fruitvale Studios is a 24-unit permanent supportive housing property that provides housing opportunities to individuals who are homeless or at-risk of homelessness. With one unit reserved for the resident manager, 23 of the 24 building units are restricted to tenants earning between 20% and 60% of AMI. Twelve units are reserved for people that have experienced homelessness.
The property is located in an area experiencing a 35% poverty rate, an 18.7% unemployment rate, and a median income of 33% AMI. Additionally, there is strong local support for affordable housing, including recently approved initiatives in Alameda County and the city of Oakland.
Loan Purpose: Acquisition
Project: Affordable, supportive rental housing
Borrower: Allied Housing is the housing development arm of Abode Services, a 501(c)(3) corporation that provides social and supportive services. Allied Housing and Abode Services work to end homelessness by assisting low-income, unhoused people, including those with special needs, to secure stable and supportive housing.
Loan Details: In 2017, Partners provided Allied Housing with a $825,750 pari passu participation in a $3,303,000 acquisition loan with Community Vision. A three-year term was given for the acquisition loan to enable the borrower time to secure public financing sources to rehabilitate the building.
In 2020, PCG and Community Vision extended this loan to allow for completion of the project and permanent conversion of all acquisition and construction financing.