Irvine Community Land Trust
Real Estate - Irvine, California, United States
Irvine Community Land Trust Employees
Irvine Community Land Trust Details
The Irvine Community Land Trust (ICLT) provides secure, high-quality affordable housing through a non-profit community land trust, acquiring and retaining title to lands on which permanently affordable rental, ownership and special needs housing will be constructed and maintained for the benefit of income-eligible families. ICLT works with housing developers, corporate partners, other nonprofits, and the City of Irvine to secure land on which affordable housing can exist for generations. By entering a 99-year, renewable ground lease with each homeowner, housing costs are kept low while giving the homeowner many of the benefits of traditional homeownership. In exchange for the benefit of a below-market purchase price, ICLT homeowners acknowledge their investment will appreciate at a slower rate than their market rate neighbors. The future sales price of the home is restricted by the resale formula that is described in the ground lease. Similarly, ICLT also works with rental developers to provide affordable rental units by restricting the rents they charge through a ground lease.In March 2006, the Irvine City Council voted to establish ICLT to help build high-quality, affordable housing units. It has since created 327 units of affordable housing units, currently serving low-income families and will be preserved for future generations. An additional 80 apartments and 68 townhomes are slated to open in 2020. In 2017, the ICLT was spun off from the city as a sovereign entity, which will enable it to operate more effectively while maintaining public involvement through its relationship with the City.ICLT is committed to helping those families by adding 5,000 affordable homes by 2025, contributing more than half the city's goal of 9,700 affordable units. This will go a long way toward strengthening the Irvine community where people of all income levels can enjoy safe, high-quality and affordable living.
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