The 55-year-long agreement provides housing options for low- and middle-income residents in Alameda.
The Housing Authority of the City of Alameda (AHA) hosted a ceremonial signing event on Wednesday, March 8, to celebrate the milestone achievement of preserving the affordability of up to 132 units at Rica Vista Apartments, 1825 Poggi Street, for the next 55 years.
AHA’s agreement with Lincoln Avenue Capital (LAC) will provide long-term access to high-quality, affordable homes for Alameda residents earning up to 80 percent of the Area Median Income (AMI), including one- and two-bedroom apartments that remain in especially high demand. The 186-unit property currently serves approximately 250 lower-income and moderate-income residents.
Most recently renovated in 2020, Rica Vista includes amenities such as a swimming pool, playroom, fitness center, laundry facility, and grilling/picnic area. The acquisition of the property was financed with the National Equity Fund as well as subordinate financing from the Chan Zuckerberg Initiative via the Bay’s Future Fund.
The conversion of Rica Vista from a fully market-rate property to affordable housing serves as a prime example of “Naturally Occurring Affordable Housing” (NOAH) that is increasingly rare across the nation and especially in California. The new regulatory agreement will ensure at least 55 years of affordability at the property.
“The mission of the Housing Authority is to provide quality affordable housing alternatives to all Alamedans,” AHA Executive Director Vanessa Cooper said. “The partnership with Lincoln Avenue Capital will allow more low- and middle-income people to live and work in the City of Alameda.”
For over 80 years, The Housing Authority of the City of Alameda has provided a range of housing assistance to low-income households. AHA’s primary goal is to provide quality, affordable, and safe housing in the City of Alameda. 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.