As many of you know I am honored to serve as Chair of the Irvine Community Land Trust (ICLT), guiding its mission of providing secure, high-quality affordable housing for the benefit of income-eligible families.
Late last year, we celebrated the groundbreaking for Salerno, our newest affordable housing community in Irvine. On schedule to be completed in the Fall of 2020, Salerno will offer affordable rents as low as $550 for a one-bedroom, $625 for a two-bedroom and $695 for a three-bedroom.
Thirty-five of the homes will be reserved for those earning less than 30 percent of the area median income: 15 for veterans; 10 for individuals with developmental disabilities; and 10 for families at risk of homelessness. As the Orange County Register observed, these affordable communities offer “a new beginning for veterans, developmentally disabled people and families at risk of homelessness.”
Recently, ICLT has released a video made during the groundbreaking for Salerno, which I want to share with you:
In the video, I talk about the crucial role that ICLT and I played in the passage of new legislation, SB 196, which ICLT and I worked on with Senators Jim Beall, Mike McGuire, and Bob Wieckowski to pass in Sacramento, and which has now been signed into law by the Governor, allows properties slated for affordable rental homes to get a tax exemption sooner, saving nonprofit builders between millions of dollars that can instead go toward building more affordable homes.
The new law also extends this property tax break to land for owner-occupied affordable home projects. As I told the Orange County Register, “It’s really hard to build these [affordable housing] projects. You have to have a lot of funding, and property taxes can take a significant bite out of that. Even if it didn’t prevent us from doing the [Salerno] project, it lowered the number of units we could do.” Now that’s been changed. Under the new law, property tax rates will be lower at the outset for below-market rate, affordable housing, making it much easier and more practical to build more permanently affordable housing for more people in need.
Since I joined the ICLT, we’ve built two below-market rate apartment communities, Parc Derian and Doria, for families making no more than 80 percent of the area’s median household income; some residents earn less than 30 percent of the median income, which in Orange County is $97,900 for a family of four.
The affordable housing we’ve created with ICLT profoundly and positively impacts the health and education outcomes for hundreds of people. That’s why I volunteer to serve as Chair of the Irvine Community Land Trust. The affordable housing crisis isn’t just about buildings. We’re building communities for all the people who desperately need a place to live, including children who need a positive environment to thrive.
You can learn more about the Irvine Community Land Trust at our website HERE.
In May 2019, the Irvine Community Land Trust was awarded the Platinum Seal of Transparency from GuideStar, the world’s most respected source of information on nonprofit organizations. You can read about it HERE.