Affordable Housing Infrastructure Bond<\/a>, which appeared on the November 2022 ballot as Measure U. The passing of the measure authorized the city to issue a total of $850 million in bonds for infrastructure projects.<\/p>\nOf the $334 million, $285 million will be used to support new projects, while $49 million will go toward refinancing existing bonds. Lee said that the city\u2019s bond offering was met with strong demand from investors; a news release stated that 26 investment firms placed orders worth $638 million, which is almost double the bond issue amount.\u00a0<\/p>\n
\u201cThis is a sign that the market believes in Oakland and our vision for Oakland,\u201d said Lee. \u201cOakland is on the move and building momentum.\u201d\u00a0<\/p>\n
While the terms of the bond, like price and interest rates, have been set, the exchange of funds will take place over the next two weeks. After that, the funds will be made available for the city\u2019s infrastructure projects.\u00a0<\/p>\n
$50.5 million of the funds will go toward a citywide street resurfacing, $33 million for the Mandela Transit Oriented Development \u2014 a residential and commercial infrastructure project in West Oakland \u2014 and $30 million to acquire and preserve affordable housing projects in the city.\u00a0<\/p>\n
Lee also thanked city officials, particularly Director of Finance Bradley Johnson, for their efforts on this undertaking.<\/p>\n
Johnson addressed the fact that despite the bonds, the city still needs to close a $40 million budget deficit and hinted at a potential measure that will be on the ballot in the coming spring.<\/p>\n
\u201cIt takes multiple dedicated, consistent, and disciplined action over the course of multiple fiscal years and multiple cycles to improve these things, but we are on that path,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"THE CITY OF OAKLAND has successfully issued bonds worth $334 million to fund infrastructure projects, Mayor Barbara Lee,…\n","protected":false},"author":2,"featured_media":90173,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[380,50034,389,2351,4110,8076,50035,49130,143,10000,145,144],"class_list":["post-90172","post","type-post","status-publish","format-standard","has-post-thumbnail","category-oakland","tag-affordable-housing","tag-affordable-housing-infrastructure-bond","tag-alameda-county","tag-barbara-lee","tag-funding","tag-infrastructure","tag-mandela-transit-oriented-development","tag-measure-u","tag-oakland","tag-oakland-city-hall","tag-oakland-headlines","tag-oakland-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/90172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=90172"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/90172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/90173"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=90172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=90172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=90172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}