Rental - Ownership
A community land trust (CLT) is an independent nonprofit organization created to oversee affordable housing and preserve it for future generations. The Irvine Community Land Trust (ICLT) was created by the City of Irvine to provide secure, high-quality affordable housing. The Irvine Community Land Trust will achieve its mission through the operation of a non-profit community land trust, securing and retaining title to land on which permanently affordable rental, ownership and special needs housing will be constructed and maintained for the benefit of income-eligible families.
The vision of the ICLT is that by the year 2025, the ICLT will have created approximately 5,000 units of permanently affordable housing in the City of Irvine, contributing more than 50 percent of the City’s 2025 goal of 9,700 affordable units. In addition, the ICLT will conduct a monitoring program and provide stewardship for these units, insuring high-quality construction, design, sustainability, maintenance and permanent affordability. ICLT will achieve self-sufficiency by ensuring that fees and other earned income are sufficient to support the organization’s ongoing operating costs”