Surfside Apartments, in partnership with Lincoln Ave Capital, addresses the need for affordable housing for the workforce in Alameda, CA. With 36 one-bedroom and 17 two-bedroom units, Novin Development Corp.’s goal is to bridge the gap for the missing middle in Alameda, CA by restricting units to those earning no more than 80% AMI, which would be $78,550 in 2023.
Funding for this project includes $15,700,000 from the National Equity Fund, which is powered by LISC in partnership with Morgan Stanley. The National Equity Fund focuses on creating collaborative and innovative financial solutions to fund preservation sites. In addition, this project received $265,000 from the City of Alameda’s Community Development Block Grant and $162 ,000 capital contribution from Lincoln Ave Capital.
The community is conveniently located near multiple open spaces, such as the Robert W. Crown State Memorial Beach, Ballena Bay, and Encinal Beach. Additionally, Surfside is within walking distance to Paden Middle School and a short drive to the Alameda Seaplane, that allows a quick and safe ferry to
travel to San Francisco.