Overview
- The Oakland Fund, which announced the purchase Thursday, bought the 33-unit Idora building in Temescal for $12.6 million, about half its 2017 sale price, to dedicate apartments to Oakland educators.
- Units will rent at about 30% of household income, with one-bedrooms roughly $1,120 to $2,240 and two-bedrooms up to about $2,560.
- Educators will move in as current tenants depart under local tenancy rules, and three units are available now with applications open.
- Backed by $7.6 million in one-time Measure U funding, the nonprofit is raising about $14 million to reach a target of 150 educator-designated units over three years.
- District and union leaders say the effort targets retention, noting Oakland loses about 400 teachers a year as many cannot afford to live in the city.