For older adults living on fixed or limited incomes, The Eliza, an affordable senior housing development opening in the fall of 2027 in Uptown Oakland, will offer something that can feel out of reach in today’s housing market: a way to remain in the Oakland community where they’ve put down roots.
Finding an affordable place to live continues to be a challenge for many as widespread housing shortages persist across the U.S. Rising home prices and high interest rates have made homeownership inaccessible for a large portion of the population. Meanwhile, as rental demand increases, the number of renters facing affordability challenges is also on the rise.
The State of the Nation’s Housing 2025 by Harvard University’s Joint Center for Housing Studies reveals that cost burdens for renters reached another record high in 2023. Similarly, the JPMorganChase Institute reports that renter affordability is declining, forcing people to devote more of their take-home pay to housing costs. There is a growing need for affordable housing across the U.S. and that rings true here in Oakland.
To close that gap, it’s essential that all Oakland residents share in its growth, with housing options that accommodate a range of needs and budgets.
For Mercy Housing California, which is developing The Eliza at Telegraph Avenue and 22nd Street, this meant delivering a concrete solution to the local community, resulting in housing for individuals and families who otherwise might not have been able to live in the area. That includes seniors who had been without a stable place to call home.
Developed with support from J.P. Morgan, The Eliza will bring 97 new homes to seniors aged 62 and older, with 20 of those homes set aside for seniors who were formerly homeless. Here, “affordable” means rents are tied to what residents can actually pay so that a home stays within reach rather than consuming a household’s entire budget.
“As housing costs continue to rise across California, far too many older adults living on fixed incomes face the heartbreaking risk of displacement or homelessness, often for the first time later in life,” said Tiffany Bohee, president of Mercy Housing California.
“Here, seniors can age in place independently, access onsite services tailored to their needs, and find a community where they can truly feel at home. Thanks to the commitment of partners like JPMorganChase, we’re helping ensure Oakland remains a place where seniors of all incomes can age with dignity, stability and belonging.”
“We’re proud of the far reaching impact this project will have. It reflects Mercy Housing California’s mission to uplift our communities and expands the supply of high quality, affordable homes,” said James Vossoughi, with Community Development Banking at J.P. Morgan. “Every additional housing unit matters — and increasing the number that are affordable is critical.”
JPMorganChase’s commitment to Oakland
While The Eliza is foundational, the vibrancy of a community depends on much more. In Oakland, JPMorganChase provides banking services to more than 675,000 customers and works across sectors to expand economic opportunity. Over the last five years, JPMorganChase has invested $35 million in local nonprofit organizations, supported 61,600 small business clients and delivered financial health education to thousands of residents to broaden access to banking, resources, homeownership and other wealth building tools.
“As we work with local stakeholders to expand housing options, JPMorganChase’s goal is to create inclusive economic opportunity for all,” said Dan Schrauth, managing director with J.P. Morgan Private Bank and chair of the Bay Area Market Leadership Team with JPMorganChase. “When our communities thrive, we all thrive.”
The journey to close the affordable housing gap continues, with industry leaders like Mercy Housing, Inc. finding a path forward to bring real solutions to the Oakland community.
Read more about what’s happening in the Bay Area at https://www.jpmorganchase.com/communities/sf-bay-area.
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