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apital One has provided $90.5 million in financing for a 97-unit affordable senior housing project breaking ground this week in Oakland, according to a press release from the Virginia-based bank. The funding includes a $41.2 million low-income tax credit equity investment and a $49.3 million construction loan. Enterprise Community Partners served as the tax credit syndicator.

    The East Bay Asian Local Development Corporation (EBALDC), Oakland's largest nonprofit provider of affordable housing, is developing the project at 800 Madison Street. The apartments are reserved for residents aged 55 and older, with income restrictions set at 30%, 50%, or 60% of area median income. About half of the units will provide permanent supportive housing for formerly unhoused seniors.

    The ground floor will feature a commercial kitchen for underrepresented entrepreneurs looking to break into food service. Janelle Chan, EBALDC's CEO, said the project is "a testament to what's possible when an empowered community produces a vision for its future." Construction will occur in three phases, with the first phase including over 550 homes, including about 230 affordable units.

    The project has been years in the making, with EBALDC working on it since at least 2006. The next phases are expected to include a market-rate apartment tower and an office tower, but those plans are currently on hold awaiting market improvement.