Preheat the oven to 325°F. Line a 9x9-inch pan with parchment paper and spray with non-stick baking spray. Set aside until needed.
In a medium bowl, whisk the flour, baking powder, and salt together until well combined. Set aside until needed.
In the bowl of a stand mixer fitted with the paddle attachment, or in a large bowl using a handheld electric mixer, beat the butter and cream cheese on medium speed until smooth and creamy, about 1 minute.
Gradually add in the sugar, then increase the speed to medium-high and continue beating until light and fluffy, about 3 minutes. Beat in the almond extract and vanilla extract.
Reduce the speed to medium-low, then add in the eggs, one at a time, beating well after each addition, and scraping down the sides of the bowl as needed. Beat in the milk and oil.
Reduce the speed to low and add in the flour mixture, mixing just until combined.
Scrape the batter into the prepared pan. Bake for 60 to 65 minutes, or until the cake is golden brown AND a toothpick inserted into the center of the cake comes out clean.
Allow the cake to cool in the pan, set on a wire rack, for 10 minutes. Then invert the cake onto the rack and cool completely, about 2 hours.