Wednesday, June 13, 2012

Irvine Housing Blog

Irvine Housing Blog

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Affordable Housing in Irvine

Posted: 13 Jun 2012 05:00 AM PDT

Last week I wrote about the effect that lack of the redevelopment money would have on the build out of the Orange County Great. But the question also came up on what effect the lack of redevelopment funds would have on building affordable housing in Irvine. So today’s post is a brief look at affordable housing in Irvine.

As I wrote last week, “[R]edevelopment funds are a relatively new invention in Irvine. The redevelopment district was built to aid with the development of the Orange County Great Park. Redevelopment money generated from this redevelopment district was to be used for the Great Park development”. This means that redevelopment funds have never been an important source for building affordable housing in Irvine. Instead, as the housing element chart for affordable rental units built in Irvine shows, other means were used [See the Funding Source(s) column in the chart found below.]. These include bonds, grants, loans, and tax credits. These various options might be from federal, state, county, or city governments. In addition, developer funding, deferred developer fees, and partnerships with developers are sometimes used. The city partnerships with developers includes partnerships with The Irvine Company as well as non-profit developers such as Jamboree Housing, Bridge Housing, and Irvine Housing Opportunities, Inc. In addition, with the goal of providing ownership of permanent affordable housing as well as affordable rental housing in Irvine, the city started the Irvine Community Land Trust in 2005.

Recently, the city council approved without changes the action plan for the federal Community Development Block Grant (CDGB)  and the HOME Investment Partnership Program that the Irvine Community Service Commission  recommended. The Irvine Community Service Commission recommended various organizations to receive these funds. However, five organizations that applied were not recommended; limited funds were stated as a reason. 

City of Irvine C-46 Housing Element General Plan

Table C-32: Affordable Housing Developments

Project Name  Type  Total Units Assisted Units/ Income Level Unit Size  Funding Source(s)  Earliest Date of Conversion
Turtle Rock Canyon  Family  217 66 very low and low income units  1, 2, 3 BR  1998 CSCDA Series A Bond  2044
Dartmouth Court  Family  294 89 very low and low income units  1 and 2 BR  1998 CSCDA Series A Bond  2044
Villa Sienna  Family  1,442 216 very low, low, and moderate income units  Studio, 1, 2, 3 BR  1998 CSCDA Series PP Multi-Family Bond  2047
Toscana Apartments  Family  562 84 very low and low income units  Studio, 1, 2 BR  1990 Series B County Bond  2046
Inn at Woodbridge  Senior  116 116 very low and low income units  1 and 2 BR  Tax Credits, City of Irvine CDBG  2050
Santa Alicia  Family  86 86 very low and low income units  1, 2, 3, 4 BR  1998 CSCDA Series A Bond, Tax Credits  2052
San Paulo Villas  Family  382 173 very low, low, and moderate income units  1, 2, 3 BR  1998 CSCDA Series A Bond, City of Irvine CDBG, County of Orange  2023
Montecito Vista  Family  162 160 extremely low, very low, and low income units  2 and 3 BR  City of Irvine HOME & CDBG, County of Orange HOME & Redevelopment, OC Apartment Development Revenue Bonds, Low Income Housing Tax Credit  2061
Windrow Apartments  Family  96 96 extremely low and very low income units  1, 2, 3 BR  City of Irvine HOME & Workforce Housing Grant, County of Orange  2060
Laguna Canyon  Family  120 120 very low income units  1, 2, 3 BR  Tax Exempt Bond, County Tax Credits, CalHFA Bridge Loan, 9% Tax Credit Financing, OC Housing Authority  2061
Columbus Grove  Family  527 27 very low and low income units  1, 2, 3 BR  City of Irvine CalHOME, CDBG & ADDI  2037
Woodbury Walk  Family  150 150 very low income units  1,2,3 BR  City CDBG & HOME, 9% LIHTC Tax Credit, OCDA Set Aside, OC Strategic Priority Affordable Housing Funds  2064
Kelvin Court  Family  132 27 very low income units  Studio, 1, 2, & 3 BR  Developer financed  2061
Granite Court  Family  71 71 extremely low and very low income units  1,2, & 3 BR  Tax exempt bonds, CA Multi-Family Housing Revenue Bond, CA Multi-Family Housing Loan Program, County of Orange HCS, City of Irvine, , deferred developer fee  2106
The Arbor at Woodbury  Family  90 90 extremely low, very low and low income units  1,2,&3 BR  City CDBG & HOME, County Housing Development, the Irvine Company  2107
Avalon Irvine  Family  280 23 very low income units  1 & 2 BR  Developer funded  2037
Axis 2300  Family  115 18 low income units  2 BR  Developer funded  2040

Source: City of Irvine, 2011

This concludes our brief look at affordable housing in Irvine-perhaps more on this at another time


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