OAKLAND, CA, July 22, 2008--West Oakland is celebrating the grand opening of Mandela Gateway Townhomes, 14 for-sale homes priced to be affordable for families earning low and median incomes. The grand opening ceremony will take place today at 9:30 a.m., at 8th Street at Mandela Parkway.
Mandela Gateway Townhomes is a high-quality, newly constructed, homeownership community located adjacent to the Mandela Gateway rental apartments and retail services. Located only a block north of the West Oakland BART Station, the 14-unit development includes 10 three-bedroom townhomes and four three-bedroom condominium flats. Each features a patio, a one-car garage and a shared landscaped area. One of the homes is accessible to people with mobility, vision and/or hearing impairments. The community was developed by Mandela Gateway Townhomes LLC, an affiliate of BRIDGE Housing Corporation. HomeBricks is marketing and selling the homes to households that earn below $49,010 (65% of Area Median Income (AMI) for a family of three) and to median-income households that earn below $75,400 (100% of AMI for a family of three). Sales prices range from $119,107 to $221,424. Eleven of the homes are already occupied; two condo flats and one townhome are still available. Interested potential buyers can download information, floor plans and application materials from www.homebricks.com. “I'm excited to see the completion of the townhomes, which round out the final part of our mixed income strategy for this new development,” said Oakland City Councilmember Nancy Nadel. “West Oakland will no longer be a place to isolate people in poverty.” Jon Gresley, Executive Director of the Oakland Housing Authority, said he was proud of the role the Authority played in the development of the project. “Mandela Gateway Townhomes is the final realization of the dream that began with our original HOPE VI Revitalization Plan, which proposed more affordable rental housing, neighborhood-serving retail and, of course, these townhomes are owned and occupied by those with a significant stake in the community.” “Mandela Gateway Townhomes brings brand-new homeownership opportunities to hardworking families in West Oakland,” said Carol Galante, President of BRIDGE Housing. “We view the townhomes as a significant step toward the renaissance of what was once a vibrant corridor.” Financing for the $5.9 million development was provided by The Oakland Housing Authority, the City of Oakland, the Redevelopment Agency of the City of Oakland, Mechanics Bank, Federal Home Loan Bank, Bank of America and BRIDGE Housing Corporation. Michael Willis Architects designed the development, and its general contractor was the James E. Roberts-Obayashi Corp. Confirmed grand opening speakers include Sean Rogan, Deputy Director of Housing and Community Development, City of Oakland; Oakland Housing Authority Executive Director Jon Gresley; first-time homebuyer Asara Tsehai; and BRIDGE Housing President Carol Galante. # # # NOTE TO EDITORS: Photographs of Mandela Gateway Townhomes are available; please contact Lyn Hikida at 415.321.3552 or lhikida@bridgehousing.com to request. ABOUT THE OAKLAND HOUSING AUTHORITY
The Oakland Housing Authority (OHA) is celebrating its seventieth anniversary of providing safe, decent and affordable housing in the city of Oakland, California. Mandela Gateway is but one of the OHA’s four HOPE VI developments, which are characterized by innovative public/private partnerships. These have resulted in revitalized communities and an increase of more than 600 additional affordable rental and homeownership opportunities. ABOUT HOMEBRICKS
HomeBricks makes it easier for working families to advance to homeownership by offering a range of services to help qualified buyers identify and purchase below-market-rate homes. HomeBricks is a nonprofit affiliate of BRIDGE Housing Corporation. For more information, visit www.homebricks.com. | 
