Investing in Oakland in Perpetuity

OPDC has been investing in Oakland since we were founded in 1980. Last year, we took a vital step to ensure that we will benefit residents for many more years to come.

In September 2021, we sold our former headquarters on Atwood Street to the University of Pittsburgh, an adjacent property owner. The building was old and not ADA accessible; we didn’t need that much office space; and the prospect of unappealing proposals to the side of and behind our building loomed large. When the opportunity to sell was presented, we struggled with the decision. But after months of tough negotiation and analysis, we made the decision to sell.

The proceeds from the sale gave us the opportunity to do something big—to have a lasting, positive impact in the community. So we established an endowment to support resident needs and our mission for the long term.

An endowment is a way to keep the principal intact while generating investment income over time, which will be used according to these priorities set by our board:

1. Strengthening affordable, equitable, inclusive homeownership opportunities

2. Strengthening capacity for community organizing, impact measurement, and fundraising 

Speaking to our priorities, OPDC Board Vice President Beatrice Charles said, “OPDC’s commitment to offering more affordable housing options is so important. It will allow families, old and new, to establish foundations in Oakland and for future generations to enjoy and keep their homes.”

As a part of the sale, OPDC received a university-owned house for inclusion in the Oakland Community Land Trust (CLT). This house is now owned and occupied by a family with young children on Coltart Street and is part of the Oakland CLT permanently. We invested the sale proceeds in the endowment account.

The terms of the sale also included a retail space in Sennott Square at no charge to OPDC for 10 years. This will allow an independent small business to relocate from the Atwood site rather than being displaced. OPDC’s proceeds from this retail space will support our work in the community.

As a result of the sale, OPDC consolidated all programming at 294 Semple Street. “We are thrilled to be following through on our long-term plan to bring all of OPDC’s operations under one roof,” said Wanda Wilson. “It’s great for our operations and team cohesiveness to have just one location.”