The City of Oakland’s Equity Loan Program provide loans to an individual who is, or is part of, a Verified Equity Applicant. Oakland’s Municipal Code (“OMC) 5.80.010 and OMC 5.81 define an “Equity Applicant” as an Applicant whose ownership/owner meets the following criteria:
- Is an Oakland resident; and
- Has an annual income at or less than 80 percent of the 2016 Oakland Average Medium Income (AMI) adjusted for household size; and
- Has lived for 10 of the last 20 years in the police beats with disproportionately higher number of cannabis-related arrests: 2X, 2Y, 6X, 7X, 19X, 21X, 21Y, 23X, 26Y, 27X, 27Y, 29X, 30X, 30Y, 31Y, 32X, 33X, 34X, 5X, 8X and 35X; or
- Was arrested after November 5, 1996 and convicted of a cannabis crime in Oakland, CA.
“Ownership” shall mean the individual or individuals who:
- With respect to for profit entities, including without limitation corporations, partnerships, limited liability companies, has or have an aggregate ownership interest (other than a security interest, lien or encumbrance) of 50% or more of the entity.
- With respect to not for-profit entities, including without limitation a non-profit corporation or similar entity, constitutes or constitute a majority of the board of directors
- With respect to a collective, has or have a controlling interest in the collective’s governing body.