New Affordable Housing Community Coming to Irvine
Construction for 68 affordable townhomes is underway in Irvine to help the city meet its state-mandated affordable housing quota.
Sage Park will include 16 two-bedroom, 36 three-bedroom, and 16 four-bedroom homes. The construction lot spans fouracres north of Irvine Boulevard in Portola Springs.
When it’s complete, it will be the first ownership project by the Irvine Community Land Trust (ICLT), a non-profit that creates affordable housing.
“We are aiming to make Irvine a place where residents can thrive rather than barely get by,” ICLT executive director Mark Asturias said in a statement. “Sage Park provides a wonderful opportunity for moderate-income families to enter the world of home-ownership at nearly half the cost of a comparable home elsewhere in Irvine.”
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The California Department of Housing and Community Development announced last week that the Orange County Housing Finance Trust has been awarded $4.2 million. The awarded funding will be used by the Trust to help finance the development of 7 affordable and permanent supportive housing developments totaling 467 units scattered throughout Orange County. The 7 projects will receive these funds in the form of a project loan from the Trust.
The Trust competed against 33 other similar organizations throughout the State of California for this funding and was ranked number 2. To obtain a high score on the application and obtain the funding, the Trust needed to match the State funding amount. The Trust worked closely with the County of Orange Board of Supervisors to obtain qualifying matching dollars so that the Trust application ranked well and would bring new funding into Orange County to help address the affordable housing crisis facing the region.
California State Treasurer Fiona Ma announced data indicating an impressive leap in California’s affordable housing production and preservation efforts in 2020.
According to the California Debt Limit Allocation Committee (CDLAC) and California Tax Credit Allocation Committee (CTCAC), the two committees Treasurer Ma chairs issued tax-exempt bonds and allocated state and federal low income housing tax credits (LIHTCs) responsible for the production of 19,035 new affordable units and the rehabilitation of 4,736 affordable units in 2020.
“Our 2020 affordable housing production numbers for new construction units represent an astounding 144 percent increase from 2019. This is a major accomplishment during a global pandemic, a period of California’s history during which the need for affordable housing has never been greater,” said Treasurer Ma.