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EBALDC’s partnership with Urban Core has resulted in protests

by Lynda Carson idVer:2c362ff2ed4ca971773475cf23 Thursday, Mar. 17, 2016 at 7:41 PM
tenantsrule@yahoo.com

Considering that EBALDC had a fund balance of $22,884,524 during 2014, it appears that EBALDC, a so-called nonprofit housing developer, may be sucking it’s buildings dry financially with it’s general and administration fees, property management fees, repairs and maintenance fees, developer fees, and other charges it uses to collect huge sums of money from its many buildings and properties.



EBALDC’s partnership with Urban Core has resulted in protests

By Lynda Carson - March 17, 2016

Oakland - On Tuesday March 15, protesters made it impossible for the Oakland City Council meeting to remain in it’s main chamber http://tinyurl.com/gllfq46 , and the protest resulted in the City Council members voting to approve a controversial deal behind closed doors involving a luxury high-rise project being proposed for the East 12th Street parcel. According to reports, the meeting was moved to a conference room of the mayor’s office, with only reporters in attendance, while protesters chanted nearby.

During the past year protesters were able to block the original scheme involving Urban Core and the 24-story 298 unit market rate luxury tower proposed for the “E. 12th St. parcel”. Since then Urban Core teamed up with the East Bay Asian Local Development Corporation (EBALDC), which gave Urban Core another chance to try to get it’s hands on the prime real estate property near Lake Merritt, as was reported on by the East Bay Express http://tinyurl.com/hdoud75 . According to reports, city staff, Urban Core, and EBALDC will enter into a 6-month exclusive negotiating agreement for a final deal that has to be voted on by the City Council, at a later date this year.

The controversial project of Urban Core and EBALDC included a proposed token amount of so-called affordable housing units in a smaller separate building at the property known as the “Servants Quarters” by protesters http://tinyurl.com/jul2pdv , in addition to a proposed luxury tower of market rate housing to be built.

Additionally, the protesters also recently held a protest on Feb. 1, in front of the offices of EBALDC in downtown Oakland. The protesters demanded that the so-called nonprofit housing developer (EBALDC) pull out of the controversial partnership with Urban Core, and the luxury tower proposal for the East 12th Street parcel.

According to a press release, “On Monday, February 1, 2016, “Asians4BlackLives”, a Bay Area group of community organizers of Asian descent, staged a protest to call on East Bay Asian Local Development Corporation (EBALDC) to terminate its partnership with luxury developer UrbanCore and support the community proposal http://proposal.e12thoakland.org/ for 100% affordable housing on the E.12th St public parcel.”
 
“At 8:45 am, activists blockaded the EBALDC building to demand that EBALDC support the People’s Proposal http://proposal.e12thoakland.org/ . This action took place a day before the Oakland City Council votes privately on E.12th St public parcel proposals. No arrests were made and EBALDC staff members, including Executive Director Joshua Simon, spoke to protestors about their demands.” 

"As Oakland has become the 4th most expensive rental market in the country, we reject the use of public land for profit," said Cayden Mak, a member of Asians4BlackLives."We call on EBALDC to stand by the communities they serve, drop the partnership with UrbanCore, and support the People's Proposal."

Urban Core is not the only partner that EBALDC has had that is controversial, including the Related Companies of New York http://tinyurl.com/jkqx3ub , which is owned by 2 billionaires, Jorge M. Perez, and Stephen M. Ross.

EBALDC http://www.ebaldc.org/homes is in a partnership with Related at it’s properties called Lion Creek Crossings and Noble Towers in Oakland. During 2014, Related has been sued by the United States and Preet Bharara, the United States Attorney of the Southern District of New York, in a federal civil rights lawsuit http://tinyurl.com/jx98ssh . The lawsuit alleges that Related Companies, Inc (Related), has been engaging in a pattern and practice of developing rental apartment buildings that are inaccessible to persons with disabilities in New York City, and elsewhere.

The lawsuit with Related was settled http://tinyurl.com/zbxug5t , and among other things, Related was required to provide up to $1.9 million in funds to compensate aggrieved persons, and to pay a civil penalty of $100,000.

According to public records and the latest 990 tax filing for EBALDC during 2014, EBALDC’s gross receipts were $13,112,747 http://tinyurl.com/zedvd5f . After subtracting $54,994,840 in liabilities from $77,879,364 in assets, EBALDC had net assets or a fund balance of $22,884,524.

According to public records: EBALDC’s Mission — EBALDC is a community development corporation that develops affordable housing and community facilities with integrated services focused on tenants and neighborhood residents and the diverse low-income populations of the East Bay.

In 2014, according to public records, as Executive Director of EBALDC, Joshua Simon raked in $145,088 in compensation plus $23,751 in other compensation. Charice Fong, Chief Operating Officer, raked in $137,923 in compensation plus $4,138 in other compensation. Peter Sopka, Chief Financial Officer, raked in $139,867 in compensation plus $4,196 in other compensation. Edward Hammonds, Director of Commercial Real Estate, raked in $104,753 plus $3,142 in other compensation. Carlos Castellanos, Director of Real Estate Development, raked in $107,116 plus $3,213 in other compensation. Cindy Norton, Director of Property Management, raked in $4108,389 plus $3,251 in other compensation.

As an example of how EBALDC operates it’s properties, Ivy Hill Development Corporation is an affiliate of EBALDC that owns Effie’s House at 829 E. 19th St., in Oakland, a 21 unit residential building. Effie’s House has numerous one-bedroom units subsidized by project-based vouchers through the Oakland Housing Authority. Some tenants have section 8 vouchers (housing choice vouchers) and some tenants have Shelter Plus vouchers, and some people may have subsidized housing in the building from other voucher programs.

EBALDC is the controlling entity of Effie’s House and Ivy Hill Development Corporation. According to public records, in addition to other expenses in 2014, by the time EBALDC charged Effie’s House/Ivy Hill Development Corporation for general and administration fees, property management fees, repairs and maintenance fees, including a developer fee of $75,000, in addition to employee wages and other compensation, Effie’s House/Ivy Hill Development Corporation had a negative fund balance of $739,988 http://tinyurl.com/h26dtph .

Some of EBALDC’s http://www.ebaldc.org/homes other low-income housing affiliates/housing projects include Avalon Housing Inc, with a fund balance of $403,103 in 2014. Madrone Hotel Inc, had “0 dollars” in assets in 2014. Mar Housing Inc, also had “0 dollars” in assets during 2014. Seminary Avenue Development Corporation had a negative fund balance of $1,967,876 in 2014.

Swans Market Inc, had “0 dollars” in assets in 2014. Madison Park Housing Inc, had “0 dollars” in assets in 2014. With gross receipts of $1,637,349 in 2014, Preservation Park Center Inc, had net assets or a fund balance of $312,930 in 2014. Bayporte Development Corporation, had “0 dollars” in assets in 2014. West Oakland Neighborhood Housing Corporation, had “0 dollars” in assets in 2014.

Homeplace Initiative Corporation, which had $1,227,337 in gross receipts in 2014, had assets or a fund balance of $138,336 in 2014. Gosswood Housing Inc, had “0 dollars” in assets in 2014. East 14th Street Inc, had gross receipts of “0 dollars” in 2014, but had net assets or a fund balance of $609,632 in 2014. San Pablo Renaissance Inc, had “0 dollars” in assets in 2014.

Considering that EBALDC had a fund balance of $22,884,524 during 2014, it appears that EBALDC, a so-called nonprofit housing developer, may be sucking it’s buildings dry financially with it’s general and administration fees, property management fees, repairs and maintenance fees, developer fees, and other charges it uses to collect huge sums of money from its many buildings and properties http://www.ebaldc.org/homes .

As was reported above, the Oakland City Council, Urban Core, and EBALDC is presently entering into a 6-month exclusive negotiating agreement for a final deal on the E. 12th St. parcel that has to be voted on by the City Council, at a later date this year.

Lynda Carson may be reached at tenantsrule@yahoo.com

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