Quarterly Newsletter - Q3 2019

Project Updates

It has been an exciting several months here at the Irvine Community Land Trust. On Nightmist and Sand Canyon Avenue, we broke ground on our next great community – the 80-unit Salerno. On schedule to be completed in the Fall of 2020, Salerno will offer affordable rents as low as $550 for a one-bedroom, $625 for a two-bedroom and $695 for a three-bedroom. Thirty-five of the homes will be reserved for those earning less than 30 percent of the area median income: 15 for veterans; 10 for individuals with developmental disabilities; and 10 for families at risk of homelessness. Like all ICLT homes, qualifying residents must register on our Interest List: www.irvineclt.org/interest-list.

At Doria Apartments, a 134-unit affordable community designed for workforce families, we completed a solar panel installation at the property’s carports that will feed sustainable electricity into the community power supply and bring down residents’ utility bills.

Currently, we are searching for a quality fee builder and we welcome donations at our Native Spring and Salerno projects. The ICLT is the developer for the Native Spring property; residents will be selected through our standard Interest List procedure.

Our Executive Director Mark Asturias has been busy on the state and local government levels. In Sacramento, he has been working with lawmakers on SB-196, a bill that would incentivize developers to complete community land trust projects on time – or face losing a valuable tax break. The measure was recently amended with a rolling sunset and sent through the Assembly Revenue and Taxation Committee and then onto the Appropriations Committee. The full Assembly will vote this summer followed by a vote by the full Senate on the amendments and a final vote to send the bill to the governor by Aug. 30. 

In June, Mark visited the Irvine City Council and updated officials on developments with the bill as well as the latest news with the ICLT’s communities. It was a great opportunity to address a variety of issues in person with our elected officials and members of the community.

We are happy to announce the launch of our new content series, “Stories From Home,” which will begin highlighting the residents living in our communities. These vignettes will be e-mailed to our growing list of interested readers and will be made available on our Facebook page as well. We have some wonderful people to introduce and can’t wait to share their stories with you.

Since the ICLT split off from the city to become independent, we have maintained a dedication to transparency well beyond what is required of a nonprofit organization. With our close bond to the city, this spirit of openness is a major source of pride for us.

In recognition of our efforts, we recently were honored with GuideStar’s Platinum Seal of Transparency – the highest honor bestowed by the nonprofit reporting organization. Going forward, we will continue to maintain this commitment, which includes publicly available tax returns and financial statements, open monthly board meetings and direct communication with the public. Key documents can be viewed through the ICLT’s GuideStar page.

We are happy to introduce two new members on our Board of Directors: Michael Stockstill and Ryan Aeh.

Michael, a 42-year resident of Irvine, brings decades of experience as a journalist, editor and public affairs executive in Orange and Los Angeles counties. He has worked for The Irvine Company, the Toll Roads, Cal Optima, KOCE-TV and Southern California Editor. His arrival will bolster the ICLT’s storytelling capabilities and enable us to share more about the impact we’re having on the community.

Ryan, a graduate of the University of Southern California, strengthens the ICLT team with experience in residential and retail real estate developments. As the vice president of land acquisition at City Ventures, he works with public agencies and private landowners to turn underutilized sites into thriving communities. His knowledge will be indispensable as we continue to establish new communities throughout Irvine.