SoCal Real Estate has learned exclusively that the Irvine Community Land Trust (ICLT), an independent nonprofit dedicated to providing affordable housing to residents in the city of Irvine, California, has partnered with Habitat for Humanity of Orange County to build ICLT’s first homeownership community. According to a release from a representative of ICLT, the two local nonprofits will join to build Native Spring, a 68-unit attached-townhome community located at Native Spring, north of Irvine Boulevard.
The project will be submitted for approval by the City of Irvine in summer 2019, with construction expected to begin in the fall, according to the release. Completion of Phase 1 on the project is planned for summer 2020.
The statement says homes will be sold to first-time homebuyers who earn up to 120 percent of the area’s medium income. For example, a family of four may qualify with incomes up to $111,000.
Native Spring will comprise 48 three-bedroom, three-bathroom homes and 20 four-bedroom, four-bathroom homes to be sold at an estimated sale price of $375,000 and $415,000, respectively, the release says. Homes will have attached two-car garages and private patios, and common areas will include a tot lot, pool, clubhouse, and sport court, according to the release.
In an area where the median home price is $727,000 and average annual income is around $80,000 for a family of four, many people are priced out of the market, according to the source. The Native Spring project aims to keep those people in Irvine, especially U.S. military veterans, teachers, nurses, and young professionals.
Mark Asturias, executive director of the ICLT says in the release that people choose Irvine “for its growing job market, excellent schools, and beautiful recreation, but that dream can be out of reach for many hard-working professionals and families. Native Spring will make that dream a reality and build a stronger Irvine in the process.”
According to the statement, ICLT is currently accepting interested applicants on its interest list at http://www.irvineclt.com/finding-a-home/interest-list.