Homes Priced From Low-$400,000 Coming to Irvine
Tuesday, February 16, 2021
Irvine will get 68 affordable homes for income-qualified buyers at roughly half the price of a typical residence in the city.
Irvine Community Land Trust started construction on its first ownership project — the Sage Park development on 4 acres north of Irvine Blvd. in the Portola Springs neighborhood. The nonprofit housing developer’s attached-home project, expected to be ready in 2022, will have 16 units with two bedrooms, 36 with three bedrooms and 16 with four.
The trust estimates pricing to start “in the low-$400,000s.” As a comparison, the typical Irvine home is valued at $933,518 by Zillow — up 4.6% in a year.
Sage Park’s successful buyers will have to meet both income limits as well as qualify for a fixed-rate mortgage from a private lender. Income levels are yet to be set but last year they ran from $98,900 for two occupants to $133,500 for five.
Buyers can’t rent out the residences and there will be limitations on resales of the properties to keep them affordable.
Applications to enter a July lottery for a chance to buy at Sage Park will become available in the coming months. The trust’s Salerno project in Irvine drew 6,800 applications for an 80-unit apartment complex.
“We are aiming to make Irvine a place where residents can thrive rather than barely get by,” said Mark Asturias, the trust’s executive director. “Sage Park provides a wonderful opportunity for moderate-income families to enter the world of home-ownership at nearly half the cost of a comparable home elsewhere in Irvine.”
Category: Housing, Great Park Neighborhoods, Irvine News