Quarterly Newsletter - Q1 2021
Happy New Year! It’s time for our first newsletter of 2021. Last year, while very productive for the ICLT, was a universally challenging time. The new realities of the COVID-19 pandemic affected the way we all work and live, making everyday activities a challenge and putting some of the most cherished parts of our lives entirely on hold. With vaccines ramping up and a promising spring just around the corner, we’ve been working hard to make a bold start this year befitting the refreshing feeling of new beginnings shortly to come.
After raising several successful affordable rental communities, the ICLT recently broke ground on our first-ever homeownership community in Irvine, “Sage Park.”
Formerly known as “Native Spring,” Sage Park is a 68-home development in Portola Springs that will feature 16 two-bedroom homes, 36 three-bedroom homes and 16 four-bedroom homes, with sales prices estimated in the low four-hundred thousands. We’ve been laying the groundwork on-site for the last couple of months, and visible progress will start in the coming weeks – look forward to it!
In line with the ICLT mission, these homes will include provisions that will keep them permanently affordable even once they are resold in the future. Interested parties will need to meet household income requirements to qualify for affordable housing, and also will need to secure a private fixed-rate mortgage through a conventional lender. ICLT does not issue mortgage loans.
The community is set to open to prospective buyers early next year. Similar to other ICLT developments, the approval process for Sage Park’s initial residents will begin with a lottery drawing to be held in June. Please watch our website in the coming months for the interest list to join the Sage Park lottery.
The ICLT office has moved! We’re now located in our recently opened Salerno community, located at 503 Nightmist in Irvine.
If you’d like to reach us by phone, you can now do so at our new number, (949) 743-0441. Our email is the same: info@irvineclt.org.
Signage is still pending but you will find our office on the front, street-side of the building, which you can see in the photo above.
Due to the continuing COVID-19 pandemic, we can’t accept visitors just yet, but we will be glad to see you once the restrictions have lifted.
At its March board meeting, the ICLT Board of Directors officially reorganized for 2021 – featuring the return of former board member Anthony Kuo, who now assumes the role of chair. Those who attended our online meetings throughout last year will recognize all the other faces on this year’s board, including Irvine Mayor Farrah Khan, who is continuing her service on the board. We are glad to share a little about each of our board members:
Anthony Kuo
Chair
As chair of the ICLT Board of Directors and an Irvine City Councilman, Anthony’s rich local experience includes previous stints on the Irvine Planning Commission, Irvine’s Task Force to Review Housing Needs of Developmentally Disabled Adults and the Ad Hoc Committee on Veterans Affordable Housing. Anthony, who also represents the city on numerous boards, works in the Office of the Orange County Auditor-Controller.
Michael Stockstill
Vice-Chair
A native Californian with 42 years of residence in Irvine, Mike Stockstill brings a wealth of communications experience and knowledge to the board stemming from his career as a journalist, editor and public affairs executive in Orange and Los Angeles Counties. Mike worked for The Irvine Company, the Toll Roads, Cal Optima, KOCE-TV and Southern California Edison, as well as serving as a consultant to both public and private entities.
Ryan Aeh
Treasurer
Ryan Aeh has extensive experience in residential and retail real estate development. Ryan has worked with public agencies and private landowners to transform under-utilized sites into new home and mixed-use communities. As Vice President of Land Acquisitions for City Ventures, he manages opportunity identification, qualification, concept land planning, financial analysis, entitlement strategy, transaction structuring and contract negotiations.
Nancy Donnelly
Secretary
Nancy Donnelly, an original ICLT board member, has deep experience in health and human services with executive positions with the Center for Human Development, a Housing & Human Services Corporation; UC Irvine Medical Center Associates, and Massachusetts Council of Human Services Providers. She works with the Advocates for Adults with Developmental Disabilities and served on Irvine’s Task Force to Review Housing Needs of Developmentally Disabled Adults.
Farrah Khan
Board Member
Farrah Khan, current Mayor of the City of Irvine, is a small business owner and Executive Director of the Newport Mesa Irvine Interfaith Council. Earlier, Farrah was Regulatory Affairs Manager for a major biotech company. Prior to being elected as Mayor of the City of Irvine, Farrah worked extensively with community organizations and served on the City of Irvine’s Community Services Commission in 2014.
Leon M. Napper
Board Member
Leon Napper was instrumental in encouraging Irvine to develop meaningful housing strategies to accommodate all economic segments of the community. Leon is president of Westnap Real Estate Appraisal and Consulting Company, which specializes in multi-family housing and development. He is a former board member of Irvine Housing Opportunity and Orange County Fair Housing Council.
Patrick Strader
Board Member
An original ICLT board member, Patrick Strader is Vice President/General Counsel in the Real Estate Development and Consulting Division of Starpointe Ventures, a traditional equity developer and fee-based consulting developer with numerous projects within Orange County. Patrick served on the boards of Irvine Chamber of Commerce, Irvine Valley College Foundation and Irvine Children’s Fund Board.
With our latest Salerno community now open, some prospective tenants have asked where they stand based on our previous lottery. Please note that Salerno is now fully leased and residents have moved in; if you were in the lottery and haven’t been contacted, you have automatically been moved to a waiting list. There is no need for any further action at this time, but please continue to monitor our website for updates on future developments.
Applications for the City of Irvine’s Emergency Rental Assistance Program close at 5 p.m. Friday, March 19. If you are an Irvine resident and suffered a financial hardship as a result of the COVID-19 pandemic, click here to learn more and apply before it’s too late.
Launched in February in partnership with Orange County United Way, the city’s Emergency Rental Assistance Program allocates approximately $17.7 million to mitigate the impacts of COVID-19 on Irvine’s residential renters. Open exclusively to Irvine residents, the program prioritizes aid to households with unpaid rent from April 1, 2020 to March 31, 2021 and can result in as much as 80% of back rent being paid when landlords are willing to participate.
Further information on the program, including a full timeline and a link to apply, is available on the city’s website.