Economy
Fund Commits $50M for Down Payment Assistance
HUDSON VALLEY PRESS — The down payment assistance funds will be used in conjunction with first mortgage home purchase loans.
MIAMI, Fl – At its recent Mid-Winter Conference in Miami, FL, the National Association of Real Estate Brokers (NAREB) signed a groundbreaking Memorandum of Understanding (MOU) with United Security Financial (USF), a minority-owned mortgage company headquartered in Salt Lake City, Utah to make down payment assistance more broadly available to Black American home buyers. The two organizations announced that they have obtained a commitment of $50 million down payment assistance funds from LBC Funding, LLC to assist in the expansion of homeownership for low-to-moderate income purchasers.
“NAREB welcomes the collaboration with United Security Financial. Latest official homeownership rates issued by the U.S. Census Bureau, report that Black homeownership at 41.7% lagging far behind the Non-Hispanic White homeownership rate of 73.1%. That nearly 30% gap represents a significant loss of economic security and wealth building opportunity for Black Americans. NAREB’s goal is to build Black wealth through homeownership. That’s why NAREB continues to forge ahead with its aggressive 2 Million New Black Homeowners in 5 Years (2Mn5) program,” said Jeffrey Hicks, president of the National Association of Real Estate Brokers (NAREB) founded 72 years ago to ensure “Democracy in Housing” for Black Americans.
Lois Johnson, chief executive officer of United Security Financial, the company that is managing the fund that will provide the $50 million commitment, explained why USF had chosen to partner with NAREB. She stated, “Since 1947, NAREB has been at the forefront of an ongoing effort to secure homeownership for people of color. We, at USF, while serving all citizens, regardless of race, creed or sex, are excited to support equality in housing. NAREB’s mission is aligned with our corporate values. This MOU creates a win-win for both of our organizations.”
The down payment assistance funds will be used in conjunction with first mortgage home purchase loans made by USF to NAREB Realists’ clients over the next 12 months. The commitment represents an important step in meeting the 2Mn5 goal. “The new partnership with USF allows Black Americans to overcome one less barrier in their quest to become home owners,” Hicks added.
Bay Area
Glydways Breaking Ground on 14-Acre Demonstration Facility at Hilltop Mall
Glydways has been testing its technology at CCTA’s GoMentum Station in Concord for several years. The company plans to install an ambitious 28-mile Autonomous Transit Network in East Contra Costa County. The new Richmond facility will be strategically positioned near that project, according to Glydways.
The Richmond Standard
Glydways, developer of microtransit systems using autonomous, small-scale vehicles, is breaking ground on a 14-acre Development and Demonstration Facility at the former Hilltop Mall property in Richmond, the Contra Costa Transportation Authority (CCTA) reported on social media.
Glydways, which released a statement announcing the project Monday, is using the site while the mall property undergoes a larger redevelopment.
“In the interim, Glydways will use a portion of the property to showcase its technology and conduct safety and reliability testing,” the company said.
Glydways has been testing its technology at CCTA’s GoMentum Station in Concord for several years. The company plans to install an ambitious 28-mile Autonomous Transit Network in East Contra Costa County. The new Richmond facility will be strategically positioned near that project, according to Glydways.
The new Richmond development hub will include “over a mile of dedicated test track, enabling Glydways to refine its solutions in a controlled environment while simulating real-world conditions,” the company said.
Visitors to the facility will be able to experience on-demand travel, explore the control center and visit a showroom featuring virtual reality demonstrations of Glydways projects worldwide.
The hub will also house a 13,000-square-foot maintenance and storage facility to service the growing fleet of Glydcars.
“With this new facility [at the former Hilltop Mall property], we’re giving the public a glimpse of the future, where people can experience ultra-quiet, on-demand transit—just like hailing a rideshare, but with the reliability and affordability of public transit,” said Tim Haile, executive director of CCTA.
Janet Galvez, vice president and investment officer at Prologis, owner of the Hilltop Mall property, said her company is “thrilled” to provide space for Glydways and is continuing to work with the city on future redevelopment plans for the broader mall property.
Richmond City Manager Shasa Curl added that Glydways’ presence “will not only help test new transit solutions but also activate the former Mall site while preparation and finalization of the Hilltop Horizon Specific Plan is underway.
Alameda County
Last City Council Meeting of the Year Ends on Sour Note with Big Budget Cuts
In a five to one vote, with Councilmembers Carroll Fife and Janani Ramachandran excused, the council passed a plan aimed at balancing the $130 million deficit the city is facing. Noel Gallo voted against the plan, previously citing concerns over public safety cuts, while Nikki Fortunato-Bas, Treva Reid, Rebecca Kaplan, Kevin Jenkins, and Dan Kalb voted in agreement with the plan.
By Magaly Muñoz
In the last lengthy Tuesday meeting of the Oakland City Council for 2024, residents expressed strong opposition to the much needed budget cuts before a change in leadership was finalized with the certification of election results.
In a five to one vote, with Councilmembers Carroll Fife and Janani Ramachandran excused, the council passed a plan aimed at balancing the $130 million deficit the city is facing. Noel Gallo voted against the plan, previously citing concerns over public safety cuts, while Nikki Fortunato-Bas, Treva Reid, Rebecca Kaplan, Kevin Jenkins, and Dan Kalb voted in agreement with the plan.
Oakland police and fire departments, the ambassador program, and city arts and culture will all see significant cuts over the course of two phases.
Phase 1 will eliminate two police academies, brown out two fire stations, eliminate the ambassador program, and reduce police overtime by nearly $25 million. These, with several other cuts across departments, aim to save the city $60 million. In addition, the council simultaneously approved to transfer restricted funds into its general purpose fund, amounting to over $40 million.
Phase 2 includes additional fire station brownouts and the elimination of 91 jobs, aiming to recover almost $16 million in order to balance the rest of the budget.
Several organizations and residents spoke out at the meeting in hopes of swaying the council to not make cuts to their programs.
East Oakland Senior Center volunteers and members, and homeless advocates, filled the plaza just outside of City Hall with rallies to show their disapproval of the new budget plan. Senior residents told the council to “remember that you’ll get old too” and that disturbing their resources will only bring problems for an already struggling community.
While city staff announced that there would not be complete cuts to senior center facilities, there would be significant reductions to staff and possibly inter-program services down the line.
Exiting council member and interim mayor Bas told the public that she is still hopeful that the one-time $125 million Coliseum sale deal will proceed in the near future so that the city would not have to continue with drastic cuts. The deal was intended to save the city for fiscal year 2024-25, but a hold up at the county level has paused any progress and therefore millions of dollars in funds Oakland desperately needs.
The Coliseum sale has been a contentious one. Residents and city leaders were originally against using the deal as a way to balance the budget, citing doubts about the sellers, the African American Sports and Entertainment Group’s (AASEG), ability to complete the deal. Council members Reid, Ramachandran, and Gallo have called several emergency meetings to understand where the first installments of the sale are, with little to no answers.
Bas added that as the new Alameda County Supervisor for D5, a position she starts in a few weeks, she will do everything in her power to push the Coliseum sale along.
The city is also considering a sales tax measure to put on the special election ballot on April 15, 2025, which will also serve as an election to fill the now vacant D2 and mayor positions. The tax increase would raise approximately $29 million annually for Oakland, allowing the city to gain much-needed revenue for the next two-year budget.
The council will discuss the possible sales tax measure on January 9.
Bay Area
New Interim Mayor Nikki Bas Takes Office, Announces Balanced Budget
“The Council made difficult but clear decisions last night,” Mayor Bas said in a statement released Thursday. “With yesterday’s budget adoption, the City of Oakland is on track to maintain our immediate fiscal health and our emergency reserves are at the required level.”
‘The Council made difficult but clear decisions,’ said Bas
Kaplan proposed for Interim District 2 Council seat
By Post Staff
Oakland City Council President Nikki Fortunato Bas was sworn in interim mayor on Wednesday and immediately sat down with City Council members to rebalance the city’s budget, closing a projected deficit and maintaining emergency financial reserves.
“The Council made difficult but clear decisions last night,” Mayor Bas said in a statement released Thursday. “With yesterday’s budget adoption, the City of Oakland is on track to maintain our immediate fiscal health and our emergency reserves are at the required level.”
“The City now seeks to move forward in strong collaboration with its Labor partners and the community-led Budget Advisory Commission toward long-term fiscal sustainability,” she said. “We all deserve to feel safe and secure, whether we’re taking our kids out to play, running our essential small businesses, parking our car on the street, or walking home at night.”
Bas took over as mayor from Sheng Thao, whose last day in office was Tuesday after losing a recall election in November.
“Thank you for choosing me to serve as your mayor. As the first Hmong American woman to become the mayor of a major American city, it has been the honor of my lifetime. I am deeply proud of the progress we created together,” Thao said.
Bas, in her final remarks as a councilmember, proposed that the City Council appoint Kaplan to replace her until the April election.
“As you know Councilmember Kaplan is retiring, she is willing to serve in this interim capacity. She is a resident of District 2 in Jack London, will not run for the seat in the special election; and I believe that she is uniquely qualified to jump in and immediately help to serve our District 2 residents, as well as key projects moving forward, and of course help lead the city’s biennial budget process,” Bas said.
At its meeting this week, the Council affirmed the City Administrator’s budget balancing actions, utilizing unrestricted and transferred funds to help fill the gap and provided direction and strategies to close the remaining need.
The proposals include finding new revenue from increased events and success at the Oakland Coliseum/Arena and other sources, making any further cuts a last resort.
They also proposed to immediately collect unpaid business taxes by doing an internal audit and strengthen controls on OPD overtime overspending.
Said Councilmember Kaplan, “It is vital to protect core public services, and the long-term fiscal solvency of our city. I am honored that the extra available funds I had previously identified have been confirmed, and are being incorporated into budget strategies, allowing Oakland to reduce cuts and restore reserves. In addition, important public serving and revenue-generating functions are being strengthened, including to reduce blight and provide safer, cleaner streets.”
Councilmember Kevin Jenkins (District 6) said, “The Fire Department, which had been preserved from cuts in July, was able to rapidly stop the Keller Fire from growing out of control, which prevented a repeat of the horrific loss of life and loss of homes that took place during the 1991 Oakland Hills Fire.”
According to a Mayor’s Office press statement, Oakland’s investments in the Oakland Police Department and the Department of Violence Prevention have yielded the fastest and most dramatic reduction in homicides in the city’s history.
The City’s deep investments in public safety over the past year continue to pay off, with homicides down 35% year-to-date and overall crime down by 34% since last year. The Public Safety Leadership team is very strong with OPD Chief Floyd Mitchell, DVP Chief Dr. Holly Joshi, OFD Chief Damon Covington, and their deputy chiefs having over a century of collective experience in Oakland.
The budget proposals preserve Oakland’s Ceasefire violence intervention strategy, prioritize OPD patrol and investigations, and continue services to improve 911 response times, with currently 71% of calls answered within 15 seconds or less — a dramatic improvement over the prior year, the press statement said.
Oakland’s investments in sidewalk repair, street paving, clearing abandoned autos, and safer conditions on our roadways are improving both safety and quality of life. The proposals restore funding for important and needed bicycle and pedestrian safety projects, street paving, and parking enforcement, the statement said.
The Council is considering a sales tax ballot measure for the April 15 special election. The proposed half-cent sales tax increase would raise approximately $29 million annually. Ongoing revenue generation and improved efficiencies would help address the City’s structural deficit in the next two-year budget.
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