460 Buena Vista Avenue City of Alameda/Alameda Housing Authority

460 Buena Vista Avenue, a 26-unit apartment building, has recently been renovated by the Alameda Housing Authority. The City of Alameda helped finance the acquisition of the building.

Among the recently completed improvements are new shingled bays, a new trellis, benches and planters. In addition, improvements were made to each of the units. New energy-efficient soundproof windows were added throughout the building, and shingled bays provide 10 units with window seats. The building was seismically retrofitted to ensure safety in an earthquake.

Steps are currently underway to convert the building’s 26 units from rental apartments to home ownership units. Existing tenants will have an opportunity, but no obligation, to enter into a form of home ownership - whether the units will be sold as condominiums, limited equity cooperatives, or under another ownership model is currently being determined. Resale restrictions will be placed on each of the affordable units in order to ensure their long-term affordability, and tenants who do not wish to participate will be allowed to continue renting their units.

A broad partnership helped to finance the purchase and the upgrades. Providing principal funding were the City of Alameda, using federal Department of Housing and Urban Development HOME funds, U.S. Bank, and the Housing Authority.