A Model for Safe, Supportive Housing for the Formerly Homeless in Oakland
Only two blocks from City Hall in downtown Oakland, Calif., The Savoy Apartments (The Savoy) provide 101 affordable homes with supportive services for the formerly homeless.
A vibrant social community has flourished in the building, supported by events and services organized by the property management and the health and social service provider. Just steps from rapid transit and several bus lines, The Savoy’s location creates access to daily activities and health care services.
Through the State Farm® Neighborhood Partners Fund, Enterprise Community Loan Fund, Inc. provided long-time partner Satellite Affordable Housing Associates with the predevelopment funding and $4 million bridge loan critical to acquiring and rehabilitating the properties.
- 101 affordable homes with supportive services for the formerly homeless
- Rehabilitation and adaptive reuse of two historic hotel buildings
- Adjacent to public transit
- In partnership with Satellite Affordable Housing Associates (SAHA)
- Enterprise Community Loan Fund provided a $4 million bridge loan through the State Farm® Neighborhood Partners Fund – a $10 million dollar fund to finance the creation and preservation of affordable housing and community facilities.
- San Francisco Business Times' Distinction of 2014 Real Estate Deal of the Year
- • Awarded best project in the Urban category - Affordable Housing Finance’s 2014 Reader Choice Awards.