Asset Management Services | City of Oakland, CA
The Department of Housing and Community Development’s Asset Management Services (AMS) team ensures Oakland’s Affordable Housing Projects comply with loan or grant terms, reviewing project documentation and tenant income to meet affordability restrictions. The team also monitors borrower adherence to loan repayment terms.
Determining Which Chart to Use
To determine which rent limits chart to use, identify the benchmark occupancy standard for your project, located in Exhibit B of your project’s regulatory agreement.
Differences in the rent limits charts are due to differences in the benchmark household size, as prescribed by state and federal regulations:
In general, the 1.5x standard applies to projects with federal assistance, including Low Income Housing Tax Credits or HOME funds (but not including Project Based Section 8 Vouchers). The 1 + 1 standard generally applies to projects with no federal assistance. This formula for establishing rents is used irrespective of the actual household size of the tenant household occupying the unit.
Utility Allowance
Sponsors may use the utility allowances under the federal Section 8 program as published by the Oakland Housing Authority, or sponsors may present documentation substantiating other figures, subject to review and approval of such documentation and its underlying methodology by the City. Any mandatory ongoing costs required by sponsors in connection with tenancy, such as renter’s insurance, shall be treated as utilities.
AFFORDABLE HOUSING COST FOR BELOW MARKET RATE HOMEOWNERSHIP
Please refer to California Health & Safety Code Section 50052.5 to determine the appropriate affordable housing cost for City-assisted Below Market Rate homeownership units.
Section 8 Utility & Appliance Allowances
The Oakland Housing Authority sets utility allowances for the Section 8 rental assistance program and for the City’s affordable housing program. Rent limits for subsidized housing must be adjusted downward if the tenant pays utilities. Use these charts to determine the appropriate allowance, depending on which utilities are paid by tenants.
OHA-Section-8-UA-2023.pdf(PDF, 154KB) (effective September 1, 2023)
Overview of Oakland HCD’s Asset Management Services
The Department of Housing and Community Development’s Asset Management Services team ensures that the City of Oaklands’s Affordable Housing Projects are compliant with the terms of the loan or grant that was provided by the Housing Department to fund development. Project documentation and tenant income information is also reviewed by staff periodically to ensure that tenant incomes and rents conform to the terms of the City’s affordability restrictions.
In addition to ensuring compliance with affordability requirements, the Asset Management team ensures that borrowers of City funds adhere to the repayment terms for the City’s loan assets.
All owners and developers requesting City approvals and consents regarding multifamily projects with existing City financing and/or restrictions, are required to submit request to [email protected]. These approvals and consents can be related to things like Limited Partnership exits, property ownership transfers, loan restructurings, refinancing, and resyndications with tax exempt bond issuance.
For questions or information regarding income and rent requirements, property management changes, reserve withdrawal requests or repayment requirements on affordable housing projects funded by the City of Oakland, please contact the Housing Development Manager at [email protected].
Homeownership Resources
Homeownership programs are designed to expand opportunities for prospective Oakland homebuyers through education, financial assistance, and resource referral.
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