Irvine is getting 68 affordable homes for income-qualified buyers at half the price of a typical city residence.
The Irvine Community Land Trust began construction of its first owner-occupied project – the Sage Park development on 4 acres north of Irvine Boulevard in the Portola Springs neighborhood. The nonprofit developer’s home ownership project, expected to be completed in 2022, will include 16 two-bedroom, 36 three-bedroom and 16 four-bedroom units.
The Trust estimates that pricing will start “at as low as $ 400,000.” For comparison, the typical Irvine home is valued by Zillow at $ 933,518 – an increase of 4.6% per year.
Successful Sage Park buyers must both meet the income limits and qualify for a fixed rate mortgage from a private lender. Income levels have yet to be determined, but last year they ranged from $ 98,900 for two residents to $ 133,500 for five.
Buyers will not be able to rent the apartments and there will be restrictions on reselling the properties to keep them affordable.
Applications to enter a July lottery for a chance to buy at Sage Park will be available in the coming months. For the Trust’s Salerno project in Irvine, 6,800 applications were received for an apartment complex with 80 residential units.
“We want to make Irvine a place where residents can thrive rather than barely getting through,” said Mark Asturias, executive director of the trust. “Sage Park is a wonderful opportunity for middle-income families to enter the world of home ownership at almost half the cost of a comparable Irvine home.”