On Thursday, September 14, the Urban Residential Finance Authority Housing Committee approved $1.5 million from funding raised through the Housing Opportunity Bond to finance the adaptive reuse and redevelopment of the historic Adair Elementary School. The school has been vacant since the 1970’s.

The new development, called Academy Lofts, will include 35 residential units, of which 25 will be income-restricted to 60% Average Median Income (AMI). Another 5 will be income-restricted to 30% AMI. The school is located in the Adair Park neighborhood and is close to the West End and Oakland City MARTA rail stations.

The Creatives Project, a local non-profit, will assist in marketing the units to local artists and creatives. The building will also include 10,000 square-feet of commercial and programmatic space. The resolution did not need to come before the full URFA board for approval.