Wedgewood, the Office of Oakland Mayor Libby Schaaf and Moms 4 Housing have reached an agreement on the 2928 Magnolia Street Property
Oakland – Wedgewood will negotiate in good faith with the Oakland Community Land Trust (OakCLT) to purchase the Magnolia Street Property for a price not to exceed the appraised value.
Wedgewood will work with the City of Oakland’s Housing and Community Development Department and the Oakland Community Land Trust to negotiate a right of first refusal program on Oakland properties owned by the company.
Wedgewood will use Oakland apprentices from local programs, starting with Cypress Mandela, that serve traditionally excluded workers and youth on all its other renovation projects in Oakland.
Wedgewood will work within its industry to encourage other real estate organizations to give the first right of refusal to community land trusts and then to nonprofit affordable housing organizations or to government for use as permanently protected affordable housing.
The Office of the Mayor will maintain an Advisory Board on Community Ownership of Housing, co-chaired by a member of Moms 4 Housing, that will monitor the ACAH and be a resource for the expansion of community land trust homeownership and resources in the city. Office of the Mayor will meet or have a call with the Advisory Board on Community Ownership of Housing, with an agenda approved by the co-chairs and including the OakCLT and partners, every week until the timely implementation of the programs listed below:
The Office of the Mayor is to immediately oversee the rapid distribution of Acquisition and Conversion to Affordable Housing (ACAH) program funds in partnership with the OakCLT, Moms 4 Housing and ACCE for a rapid and efficient process of acquisition of speculator portfolios.
The Office of the Mayor will work to create a Right of First Refusal Policy on vacant properties owned by banks or corporate speculators, as well as a Tenant Opportunity to Purchase Act to incentivize the transfer of ownership to the City or Oakland Community Land Trust(s) or to nonprofit affordable housing organizations or the tenants themselves.
The City of Oakland will maintain a Foreclosed Property Registration Program and the Office of the Mayor will work over the next year to create a publicly accessible comprehensive Vacant Property Registry.
The Mayor will work with the City Administrator and Human Resources Department to fully staff as soon as possible the Housing and Community Development Department for the efficient implementation of the ACAH.
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