New Affordable Housing Community Coming to Irvine
The Irvine Community Land Trust (Land Trust) is growing their portfolio of affordable housing communities for our city with the addition of Native Spring, a 68-unit permanently affordable home ownership project located in Portola Springs, which goes before the Planning Commission for approval tonight.
The Native Spring development is on property conveyed by the Irvine Company to the City as part of a development agreement. The land was then conveyed by the City to the Land Trust for the development of affordable housing.
These “for sale” condominiums are reserved for qualified moderate income households, defined as ranging from $86,500 for an individual to $163,150 for a household of eight. California Pacific Homes is the builder. Two, three, and four bedroom floor plans will be available with each home having direct access to a two-car garage. The new community will have recreational features including a pool, a tot lot, and a community room. More information including price points will be provided at tonight’s Commission meeting.
Irvine Community Land Trust: Background
The Land Trust is a nonprofit organization created by the City Council in 2006. The Articles of Incorporation for the Land Trust state “this corporation is formed for the benefit of, and to carry out the purposes of, the City by helping the City ensure that its residents are able to secure decent and affordable housing.”
The City transfers land and affordable housing funds to the Land Trust for the development of permanent affordable housing in Irvine. The City is obligated to transfer a total of $29.2 million over time to the Land Trust for quality affordable housing development. Councilmembers Melissa Fox and Farrah Khan currently serve on the Board of the Land Trust.
The Land Trust Board of Directors amended bylaws in 2018 that removed much city oversight and accountability. Even though the Land Trust “spun off” from the City, the assets for the Land Trust are City assets. There is still much debate about whether the City should consider reestablishing a closer tie to such high value City assets.
The Land Trust monthly meetings are open to the public during COVID-19 via Zoom. You can visit their website for the meeting and Zoom link. The next Land Trust meeting is Monday, July 20th, at 4pm.