Uncategorized

Small Business Administration to Expand Access to Loans

Published

13 years ago

March 22, 2013

Karen Mills

Borrowers and lenders of loans backed by the U.S. Small Business Administration (SBA) will have greater access to capital and less paperwork as a result of a proposed regulation aimed at streamlining the SBA application process.
“Streamlining and simplifying has been a key focus of our agency over the last few years. The changes are the latest steps to reduce paperwork burden, with our eye on the larger goal of expanding access to capital and giving entrepreneurs and small business owners the financial resources to grow and create jobs,” said SBA Administrator Karen Mills. “Specifically, these proposed regulations will provide greater access to capital through our two largest loan programs, while also reducing risk to taxpayer dollars.”
The SBA proposes the new measures after extensive consultations with lenders and borrowers to identify the greatest challenges they face and find ways to reduce barriers to making and accessing loans, while still maintaining strict oversight.
Among the proposed changes are:
Eliminating the Personal Resource Test: A borrower will no longer be required to obtain a maximum level of personal finance resources for a 7(a) or 504 loan. This will streamline the loan process by eliminating complicated regulations used to determine the amount of collateral required.
Revising the Rule on Affiliation: Revising this rule will open access to SBA loans to businesses that, under current rules, would not qualify as a small business under SBA’s size standards by virtue of their association with other companies. It also would streamline 504 loan applications and reduce paperwork requirements for 504 and 7(a) loan applications.
Eliminating the Nine-Month Rule for the 504 Loan Program: Eliminating the Nine-Month rule removes a restriction that limits a business to include in its 504 project only expenses incurred nine months prior to submitting the loan application. The new rule would allow inclusion of expenses incurred at any time (e.g., projects put on hold for more than nine months due to a natural disaster).
Increasing Accountability of the Certified Development Companies’ Board of Directors while Eliminating Requirements for Membership: Refocusing CDC corporate governance requirements will reinforce the importance of board accountability for CDC oversight for the 504 loan program and set in place measures to strengthen oversight in order to maintain program integrity.
For comprehensive information on the new rules and their benefits, visit www.sba.gov/content/revised-oca-regulations-504-and-7a-loan-program

Oakland Post

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Uncategorized

Oakland Housing and Community Development Department Awards $80.5 Million to Affordable Housing Developments

Published

7 months ago

June 17, 2025

Oakland Post

Special to The Post

The City of Oakland’s Housing and Community Development Department (Oakland HCD) announced its awardees for the 2024-2025 New Construction of Multifamily Affordable Housing Notice of Funding Availability (New Construction NOFA) today Five permanently affordable housing developments received awards out of 24 applications received by the Department, with award amounts ranging from $7 million to $28 million.

In a statement released on Jan. 16, Oakland’s HCD stated, “Five New Construction Multifamily Affordable Housing Development projects awarded a total of $80.5 million to develop 583 affordable rental homes throughout Oakland. Awardees will leverage the City’s investments to apply for funding from the state and private entities.”

In December, the office of Rebecca Kaplan, interim District 2 City Councilmember, worked with HCD to allocate an additional $10 Million from Measure U to the funding pool. The legislation also readopted various capital improvement projects including street paving and upgrades to public facilities.

The following Oakland affordable housing developments have been awarded in the current round:

Mandela Station Affordable

238 Affordable Units including 60 dedicated for Homeless/Special Needs
Award: $15 million + previously awarded $18 million
Developer: Mandela Station LP (Pacific West Communities, Inc. and Strategic Urban Development Alliance, LLC)
City Council District: 3
Address: 1451 7th St.

Liberation Park Residences

118 Affordable Units including 30 dedicated for Homeless/Special Needs
Award: $28 million
Developer: Eden Housing and Black Cultural Zone
City Council District: 6
Address: 7101 Foothill Blvd.

34th & San Pablo

59 Affordable Units including 30 dedicated for Homeless/Special Needs
Award: $7 million
Developer: 34SP Development LP (EBALDC)
City Council District: 3
Address: 3419-3431 San Pablo Ave.

The Eliza

96 Affordable Units including 20 dedicated for Homeless/Special Needs
Award: $20 million
Developer: Mercy Housing California
City Council District: 3
Address: 2125 Telegraph Ave.

3135 San Pablo

72 Affordable Units including 36 dedicated for Homeless/Special Needs
Award: $10.5 million
Developer: SAHA and St. Mary’s Center
City Council District: 3
Address: 3515 San Pablo Ave.

The source of this story is the media reltations office of District 2 City Councilmember Rebecca Kaplan.

Oakland Post

Posts by Oakland Post

Activism

Oakland Housing and Community Development Department Awards $80.5 Million to Affordable Housing Developments

Published

12 months ago

January 30, 2025

Oakland Post

Rebecca Kaplan, interim District 2 city councilmember. File photo.

Special to The Post

The following Oakland affordable housing developments have been awarded in the current round:

Mandela Station Affordable

238 Affordable Units including 60 dedicated for Homeless/Special Needs
Award: $15 million + previously awarded $18 million
Developer: Mandela Station LP (Pacific West Communities, Inc. and Strategic Urban Development Alliance, LLC)
City Council District: 3
Address: 1451 7th St.

Liberation Park Residences

118 Affordable Units including 30 dedicated for Homeless/Special Needs
Award: $28 million
Developer: Eden Housing and Black Cultural Zone
City Council District: 6
Address: 7101 Foothill Blvd.

34th & San Pablo

59 Affordable Units including 30 dedicated for Homeless/Special Needs
Award: $7 million
Developer: 34SP Development LP (EBALDC)
City Council District: 3
Address: 3419-3431 San Pablo Ave.

The Eliza

96 Affordable Units, including 20 dedicated for Homeless/Special Needs
Award: $20 million
Developer: Mercy Housing California
City Council District: 3
Address: 2125 Telegraph Ave.

3135 San Pablo

72 Affordable Units including 36 dedicated for Homeless/Special Needs
Award: $10.5 million
Developer: SAHA and St. Mary’s Center
City Council District: 3
Address: 3515 San Pablo Ave.

The source of this story is media reltations office of District 2 City Councilmember Rebecca Kaplan.

Oakland Post

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Alameda County

Oakland Acquisition Company’s Acquisition of County’s Interest in Coliseum Property on the Verge of Completion

The Board of Supervisors is committed to closing the deal expeditiously, and County staff have worked tirelessly to move the deal forward on mutually agreeable terms. The parties are down to the final details and, with the cooperation of OAC and Coliseum Way Partners, LLC, the Board will take a public vote at an upcoming meeting to seal this transaction.

Published

12 months ago

January 11, 2025

Oakland Post

Alameda County Board of Supervisors Chairman David Haubert. Official photo.

Special to The Post

The County of Alameda announced this week that a deal allowing the Oakland Acquisition Company, LLC, (“OAC”) to acquire the County’s 50% undivided interest in the Oakland- Alameda County Coliseum complex is in the final stages of completion.

Oakland has already finalized a purchase and sale agreement with OAC for its interest in the property. OAC’s acquisition of the County’s property interest will achieve two longstanding goals of the County:

The Oakland-Alameda Coliseum complex will finally be under the control of a sole owner with capacity to make unilateral decisions regarding the property; and
The County will be out of the sports and entertainment business, free to focus and rededicate resources to its core safety net

In an October 2024 press release from the City of Oakland, the former Oakland mayor described the sale of its 50% interest in the property as an “historic achievement” stating that the transaction will “continue to pay dividends for generations to come.”

The Board of Supervisors is pleased to facilitate single-entity ownership of this property uniquely centered in a corridor of East Oakland that has amazing potential.

“The County is committed to bringing its negotiations with OAC to a close,” said Board President David Haubert.