Emeryville approves up to $12.7 million loan to keep 4300 San Pablo affordable housing project alive, narrows deepest-income set‑aside

Emeryville on Tuesday authorized a loan commitment of up to $12,700,000 and a second amendment to the lease‑disposition‑development agreement (LDDA) to advance the 4300 San Pablo Avenue intergenerational affordable housing project, after project sponsors reported a roughly $12 million shortfall that threatened the project’s financing.

Valerie Bernardo, Economic Development and Housing Manager, told the council the gap resulted from several developments since the project was first approved: the project recently lost eligibility for a key tax credit boost, construction costs have risen since financing assumptions were made, the state’s Multifamily Housing Program (MHP) has changed rules and near‑term funding is uncertain, and the Housing Authority of Alameda County (HACA) has delayed or paused a project‑based voucher Notice of Funding Availability that the project needs to support units targeting the lowest incomes.

Why it matters: the 68‑unit project was structured as an intergenerational building with a mix of senior…