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. Located in Irvine, California, the heart of Southern California’s most expensive real estate market, there is a tremendous need for affordable housing. Because this is our home, too, ICLT is committed to ensuring that Irvine is a place everyone can call “home.”
Recently, ICLT has released its 2019 Annual Report, which I want to share with you.
The Annual Report includes information about the latest achievements in our mission to provide permanent affordable housing to income-eligible Orange County residents.
Read the full report HERE.
We are proud of our progress in this critical area for our community and recognize that there is much more work to be done in 2020 and beyond.
We at the Irvine Community Land Trust are extremely proud to put a successful 2019 to bed. It was a landmark year for our nonprofit organization, marked by critical milestones, a host of awards and a major legislative accomplishment that will benefit the affordable housing landscape across California for decades to come.
Progress on Salerno as of Feb. 2020. Groundbreaking on Sept. 19, 2019. Completion expected Fall 2020.
Most importantly, though, 2019 saw the birth of new, high-quality affordable rental housing for the benefit of income-eligible families.
Due to our robust economy and desirable standard of living, Irvine remains one of the most expensive real estate markets in the nation.
Unfortunately, affordable housing is extremely limited and our working-class citizens, who are the backbone of the city, are among some of Irvine’s most vulnerable residents. With them in mind and in our hearts, we were thrilled to break ground on Salerno, the ICLT’s newest community which will bring 80 affordable homes to the city, including 15 for veterans, 10 for individuals with disabilities and 10 for families at risk of homelessness.
The homes at Salerno are growing by leaps and bounds, and have now climbed up to include a third floor. Keep checking back for more progress pictures from the site, and look forward to the community opening its doors later this year.When completed in the fall, Salerno will join Parc Derian, Alegre Apartments and Doria Apartment Homes as places where income eligible residents will proudly call Irvine “home.”
As the Orange County Register observed, these affordable communities offer “a new beginning for veterans, developmentally disabled people and families at risk of homelessness.”
Looking ahead, 2020 is shaping up to be equally exciting as we begin work on our first home ownership community, Native Spring. That will prove to be a real game-changer for us, the city and, of course, the new homeowners! For the first time, the Irvine Community Land Trust will build for-sale homes that hard-working Irvine residents making less than $100,000 can actually afford to buy.
The Native Spring homeownership project will serve moderate-income families with a 68-house development in Portola Springs that will have all the features of any market rate for-sale project in the city. A young couple earning $76,000 to $94,000 annually will be able to purchase a home for about $370,000.
Additionally, these homebuyers will “pay it forward” by agreeing to resale provisions that keep these homes permanently affordable. This development, which will break ground in 2020, is tremendously exciting for the ICLT as it stands to make the American dream a reality for many first time home buyers.
The ICLT continues to look for corporate donors who can provide grant opportunities, donate materials and items to help build, furnish and landscape new communities. Contact us to learn how to contribute!
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.