ICLT Properties
| Year Opened | Property |
City of Irvine Village Area |
Property Type | Number of Units |
|---|---|---|---|---|
| 2008 | ICLT Condo Rentals | Various | Rental | 9 |
| 2013 | Doria Apartments | Stonegate | Rental | 134 |
| 2015 | Alegre Apartments | Cypress Village | Rental | 104 |
| 2018 | Parc Derian Apartments | IBC | Rental | 80 |
| 2021 | Salerno Apartments | Cypress Village | Rental | 80 |
| 2022 | Sage Park For-Sale Townhomes | Portola Springs | Ownership | 68 |
| Five Total Projects | 475 Units |
Irvine Community Land Trust was created by the City of Irvine in 2006.
The Irvine Community Land Trust achieves its mission through operation as a 501(c)3 nonprofit corporation.
The principal reason the City created the Trust was to assist the development of permanent affordable housing.
The City could not be the landowner of affordable housing and the Trust can.
The Trust secures and retains title to the land on which permanently affordable rental, ownership and special needs housing is constructed and maintained for the benefit of income-eligible households.
The Trust
Manages the acquisition of property.
Ensures compliance of the ground lease to developers, home buyers, and renters.
Maintains ongoing communications with homeowners and tenants.
Invests in projects to assure a high-quality development and a spectrum of affordable housing.
Restricts rents and resale prices to ensure permanent affordability at the same area median income initially set for the project.
Sets other requirements such as occupancy and maintenance.
For rental housing, the Trust supports special needs populations: veterans, homeless and adults with developmental disabilities.
For rental housing, the Trust develops apartments for households with incomes between 30 and 80 percent of area median income.
For ownership housing, the Trust develops homes for households with incomes up to 120 percent of area median income.