THE IRVINE COMMUNITY LAND TRUST
18
THE IRVINE COMMUNITY LAND TRUST AN UPDATE AUGUST 10, 2021
Transcript of THE IRVINE COMMUNITY LAND TRUST
THE IRVINE COMMUNITY LAND TRUST
AN UPDATE
AUGUST 10, 2021
About UsThe Irvine Community Land Trust
was created in 2006 to provide secure, high-quality permanently
affordable housing.
• The Irvine Community Land Trust is achieving its mission through operation as a nonprofit community land trust.
• We secure and retain title to land on which permanently affordable rental, ownership and special needs housing will be constructed and maintained for the benefit of income-eligible families and the residents of Irvine.
2
Creating Permanently
Affordable Housing
Benefits include:
Stewardship of homes High-Quality Housing
Housing for All Incomes
3
Community Land Trust ModelHow we do what we do.
Land Owner
We acquire property and ground lease to home buyers and renters.
Stewardship
We maintain ongoing communications with
home-owners and tenants.
Investment
Funds invested in projects assure the
deepest level of affordable housing
possible.
4
Working for the Community
Implementing Affordable Housing Goals – One Project at
a TimePrioritize
Types of housing includes
Family andSpecial Needs.
Authorize
Mixed income populations in our
projects.
Monetize
Create deepest level of affordable homes
possible.
5
ORGANIZATIONAL STRUCTUREBOARD OF DIRECTORS AND STAFF
6
Board
Secretary
Board Member Board Member
Chair Vice Chair
Treasurer
Staff
Board of DirectorsCurrent board comprised of seven community representatives Anthony
KuoBoard Chair and President
Mike StockstillBoard Vice-Chair and Vice President
Nancy DonnellySecretary
RyanAehTreasurer
Patrick StraderBoard Member
7
LeonNapperBoard Member
FarrahKhanBoard Member
Staff
Mark AsturiasExecutive Director
Adam EliasonDeputy Director
8
Jon GoetzLegal Counsel
PROJECTSAFFORDABLE HOUSING Rental, Ownership, Special Needs
9
Scattered SitesDoriaAlegreParc Derian
Past Developments
10
Scattered Site Condominiums2008 -2012
Doria Apartments2013
Alegre Apartments2015
Parc Derian Apartments2018
NEW DEVELOPMENT'SAFFORDABLE HOUSING Rental, Ownership, Special Needs
11
JFFOCSalernoSage Park
JFFOC Homes2021
Special Needs HomesGroup Homes for
intellectually Disabled
ResidentsIndividuals earning 30 to 80 percent of area
median income
Horwitz HomeServing 6 residents
Mandel HomeServing 4 residents
12
Salerno Apartments
2021
Rental Units24 one-bedroom16 two-bedroom
40 three-bedroom
ResidentsFamilies earning 30 to
80 percent of area median income
Project AmenitiesCommunity space,
pool, tot lot, exercise room
Rents$587 for 1-bedroom$660 for 2-bedroom$734 for 3-bedroom
13
Over 6,800 families applied for an opportunity to live at Salerno!
Sage Park For Sale Homes
Opening 2022
For Sale Homes68 homes, including 2, 3
and 4-bedroom
ResidentsFamilies with incomes up
to 120 percent of AMI
Project AmenitiesCommunity space,
pool, tot lot
Sales Prices2-bedroom $424,5003-bedroom $473,0004-bedroom $509,500
14
Over 6,000 families applied to buy a home!
BUDGET HIGHLIGHTS
15
How are funds used?
Funding Affordable Housing – Fiscal Year 2020-2021
Salerno• Total project cost was
$42,625,519.
• Land Trust funded $6,800,000 in loans to the project.
• Created 80 units with 35 units set aside for special needs populations with extremely low incomes.
Sage Park• Total project cost is $41,928,602.
• Land Trust funding $12,000,000.
• Funding includes payoff of Community Facilities District and Assessment District.
• Creating 68 moderate-income units for first time homebuyers.
16
Starting Balance $11,575,900
2020-2021 Revenues $4,416,900
Total Revenues $15,992,800
Expenditures:
Fiscal Year 2020-2021 Budget
17
Expenditures
Salerno Capital Project $25,000
Native Spring Capital Project $6,815,250
Existing Condominium Project $99,700
Operations $460,000
Total Expenditures $7,399,950
Revenues:
