Donating Land to ICLT
Since the Irvine Community Land Trust’s purpose is to acquire and retain land for the purpose of creating affordable housing for residents of the City of Irvine and Orange County, the ICLT welcomes the donation of land from any source. The value of the land donation will be established by an appraisal, conducted at ICLT’s expense, and a formal letter acknowledging the value of the donation will be provided to the donor who may use this letter as evidence of the gift.
The ICLT will accept donations of unimproved land or improved land with existing structures. The appraisal will be based on the value of the land in its existing state and given its existing zoning. Therefore, if the donor is interested in maximizing the deduction, it would be prudent to investigate whether changes to the property, including either physical modifications or changes to current zoning, made prior to the donation would result in a higher appraisal.
Government entities in Orange County interested in creating affordable housing in their communities under a land trust structure are encouraged to discuss potential projects with the ICLT to determine if the goals of the governmental agency and those of ICLT are compatible. In certain situations, the ICLT would be willing to enter into a contract with the governmental entity concerning the parameters of the affordable housing which would be created as a result of the donation.
Corporations and individuals can also contribute land, improved or unimproved, to the ICLT under similar arrangements.