FREE Breaking News Alerts from StreetInsider.com!

ALAMEDA, Calif. , Sept. 15, 2022 /PRNewswire/ -- Rosefield Village was developed by Island City Development, an affiliate of the Housing Authority of the City of Alameda (AHA).  Rosefield Village provides 92 affordable apartment homes (including one manager's unit) for families in a warm and friendly environment. The site is a prime example of how redevelopment of existing properties can provide opportunities to increase the number of affordable homes—originally, Rosefield Village property had 53 units. The 2.4-acre property is located at 727 Buena Vista Ave, in an amenity-rich neighborhood, one block from the Webster Street commercial district.

"With stellar complexes such as Rosefield, the Housing Authority of the City of Alameda and its affiliates seek to double their affordable housing footprint in the City of Alameda over the next decade," says Kenji Tamaoki, Board President, "This development moves us forward in our goal to serve more Alamedans."

Rosefield Village makes a historical nod to the location through its elected name. The site is the former location of the first Rosefield Packing Company food processing plant built circa 1915. In 1932, Mr. Rosefield patented a process for making homogenized peanut butter creating the first Skippy peanut butter! The factory was purchased in 1955 and officially closed in 1974. Four years later, AHA purchased the site and used the building as the home office and maintenance facility. In the 1980's the Eagle Avenue Modular developments were completed, replacing what had once been dilapidated housing for military personnel unused since WWII.

Post-new construction and renovation in 2022, Rosefield Village now serves twice as many families. Rosefield Village incorporates significant green building techniques and universal design strategies to maximize livability and visit-ability for households with an array of family sizes, age ranges, and talents. This building was designed with sustainability in mind and is in-process of obtaining Green Point Rated Gold certification – an industry standard for sustainable development. Rooftop solar panels will provide energy to offset 20% of common area energy usage. Rosefield Village has Bay-Friendly rated landscaping which incorporates practices of water saving, maintenance labor savings, non-toxic weed suppression, reduction of run off, and potential greenhouse gas reduction are throughout the property. Additionally, flooring throughout the building is made of sustainable materials; energy efficient lighting is throughout; and all appliances are modern energy efficient models.

"The City of Alameda is pleased that the innovative transformation of Rosefield Village, located in the vibrant West End District, has created almost twice as many affordable apartments as the original project, at a time when affordable housing is desperately needed" says Mayor Marilyn Ezzy Ashcraft.

The Housing Authority is pleased to be able to provide the City of Alameda with ninety-two additional affordable Family apartment homes and appreciates all who have been involved in the process. Thank you especially to the Alameda City Council for its continued support of affordable housing and to the City staff who worked alongside Housing Authority staff from the project's first development applications through lease up.

This $72 million dollar investment would not be possible without numerous funding partners – The land is owned by the Housing Authority of the City of Alameda, and its development partner, Island City Development, is the sponsor and developer. Funding includes 4% Low Income Housing Tax Credits with Tax-Exempt Bond financing and State Tax Credits from the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee, Alameda County A1 funds, former redevelopment funds from the Alameda Unified School District passed-through the Housing Authority, additional Housing Authority funds, CDBG, HOME funds, a City of Alameda fee waiver, a project based voucher contract from the Housing Authority, and loans from Bank of America, N.A. and Greystone Servicing Company LLC. The tax credit investor is Enterprise Housing Credit Investments, LLC. The project is income and rent-restricted for at least fifty-five years.

"It has been a pleasure to enter this long-term investment in quality affordable homes for families in Alameda," says Vice President of Investment, Phillip Porter of Enterprise Housing Credit Investments, "Enterprise targets quality affordable homes in such transit-oriented, sustainable, and higher opportunity locations." Gioia McCarthy, Bank of America President San Francisco – East Bay, adds, "Congratulations to Island City Development and AHA for the successful completion of this significant construction project. Rosefield Village is a great example of the impact that public-private partnerships can make in creating quality affordable housing for those most in need.

Please join the Housing Authority for the Grand Opening Celebration on September 15, 2022, 3-5PM. Light refreshments will be served. State and local elected officials including Assemblymember Bonta, Supervisor Brown and Mayor Ezzy Ashcraft are  scheduled to speak. 

For over 80 years, The Housing Authority of the City of Alameda (AHA) has provided a range of housing assistance to low-income households. The primary goal of the Housing Authority is to provide quality, affordable, and safe housing in the City of Alameda. Our programs include Housing Choice Vouchers, Project-Based Vouchers, specialized housing assistance, family self-sufficiency, affordable real estate development, resident services, and management of AHA owned property.

MEDIA CONTACTS: Greg Kats (Administrative Services Director) [email protected] or 510-846-7102 Vanessa Cooper (Executive Director) [email protected] or 510-747-4320

View original content to download multimedia:https://www.prnewswire.com/news-releases/rosefield-village-affordable-housing-grand-opening-301625768.html

SOURCE The Housing Authority of the City of Alameda

Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!