Oakland supports several affordable housing projects
Affordable housing is a big draw for potential homeowners looking in a metro area. If quality homes can be secured at bargain-basement prices, available inventory is going to shoot down as demand surges.
The homes for sale in the Bay Area are among the hottest commodities in the United States right now. In Oakland, municipal authorities are currently striving to make living in the city as affordable as possible.
East Oakland developments
Nicknamed "The East" or "Oaktown" by hip-hop artists of the 1990s, East Oakland is one of the most culturally-diverse and popular neighborhoods in the entire Bay Area. As such, affordable property can sometimes be hard to find in this community.
The city recently unveiled the Clinton Commons, an affordable housing complex that is situated on east 11th street in East Oakland, according to the San Francisco Chronicle. Over fifty properties are available in the three-story building, and each unit has sustainable green features and modern technology like smart lighting and continual bath fans.
"We were inspired by the various cultures here," said Joelle Colliard, an Oakland resident and the exterior architect of the building, according to OaklandNorth. "The Latino and Southeast Asian cultures influenced us to make the building very colorful and sculptural."
Just like the other metro areas across the nation, Oakland could not avoid high foreclosure rates during the housing crisis of the mid-2000s. But since the Bay Area housing market has been on the rise, the number of underwater homes in Oakland has been decreasing steadily. However, there are still over 3,000 Oakland homeowners still mired in accumulated debt.
In response, the city has launched a new pilot program that will combine resources to provide struggling homeowners with $5 million in aid, reports the Contra Costa Times. Even if the owners eventually lose their properties to debt, they will still receive financial aid to help lessen the effects of foreclosure.
"Oakland has long been on the forefront - sometimes successfully, and sometimes unsuccessfully - with the issue of foreclosures and fairness around bank loans," said Oakland Mayor Jean Quan, according to the San Francisco Chronicle. "We're developing new tools that we hope will solve the greater problem."
Loan assistance and restructuring programs are also available to those who are uncertain of how to proceed. If you are seeking a community that strives to keep residents in the green, you might want to check out the MLS listings in the Bay Area - Oakland loves to help residents out in any way possible.