The $43-million development, which replaces 46 public housing units, is part of the U.S. Department of Housing and Urban Development's HOPE VI program, which uses federal financing to attract private investment in public housing. In this instance, New York City-based Related Capital Company provided $30 million in equity for tax credits generated by the transaction.

The Oakland Housing Authority and the City of Oakland's Community and Economic Development Agency are providing public support for the project. Wells Fargo Bank, Cal HFA, the Federal Home Loan Bank, World Savings Bank and the Fannie Mae Foundation are its private lenders.

Residences will consist of one- to four-bedrooms ranging in size from 680 sf to 1,290 sf Apartments will be targeted toward families earning up to 60% of the area median income ($44,700 per year for a family of four), with rents beginning at $586 per month. A portion of the units also will be made available to lower income families by allowing residents to pay 30% of their income for rent and utilities.