The school district says 70% of its teachers can't afford to live in Oakland.
A new 33-unit apartment building in Oakland, California is now open to teachers and employees of the Oakland Unified School District, paving the way for a new model of workforce housing, reports Anser Hassan for ABC 7 News.
"This may be the first time ever in the U.S. that a nonprofit bought a building specifically for teacher housing, says Kya Mungia, CEO of The Oakland Fund, which works on creating public-private partnerships." The nonprofit was able to buy the building during a market slump at half the price it sold for in 2017.
The city of Oakland invested $7.5 million in the project, which offers units at below market rate to school district staff. The district estimates that 70% of its teachers can't afford to live in the city.
Read the full story: Oakland launches 1st-of-its-kind affordable housing project for teachers thanks to nonprofit
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