Providing affordable housing for district employees is a priority of the Board of Education.  With the high cost of housing in the City of Alameda and the surrounding Bay Area, school districts are struggling to hire and retain excellent employees.

A Request for Qualifications (RFQ) to provide employee housing concepts was issued during the week of March 27, 2017.  Two complete responses were received.  The District selected Education Housing Partners, an affiliate of Alameda Point Partners, to further explore the feasibility of providing affordable housing to the district employees.

The District began negotiating the terms of a rental housing project for District employees with Alameda Point Partners and Employee Housing Partners, targeting rents about 20% below market rate.

To fund the construction, the District would have to issue a bond and the debt would be paid from project rents (no support from the District). 

The Board will not be asked to make a final commitment until the total development cost and the cost of financing are finalized. However, the developer is obligated to build the required affordable housing. If, at any point, the District determines this project isn’t a good fit, the developer will move to their Plan B. 

The developer is submitting for design review approval later this month so that construction may begin as soon as the land is transferred from the City to the developer next year.  While tonight’s presentation may seem out of sequence, the developer is in a position of needing to stay on schedule, not knowing for sure whether the District is fully committed.

Tonight representatives from Education Housing Partners & Alameda Point Partners will present site plans, floor plans, and elevations.