As home prices soar in O.C., Irvine Community Land Trust breaks ground on affordable home ownership project

As Orange County’s home prices and sales surge amid a pandemic housing boom, the Irvine Community Land Trust recently broke ground on an affordable home ownership community in Irvine.

The Sage Park development, which will be located north of Irvine Boulevard, will have 68 units available for moderate-income families.

The development — which is estimated to be completed in January 2022 — will provide an affordable alternative for people looking to buy their first home in a county that’s seen the median price of a home rise to nearly $800,000.

“For homeownership, it’s becoming harder and harder for first time families to go in and buy a home,” said Mark Asturias, executive director of the Irvine Community Land Trust. “Our homes are probably close to 50% of the cost of a similar market-rate home in Irvine.”

Sage Park will be the fifth affordable housing development for the Irvine Community Land Trust. The nonprofit also rents out a few scattered condominiums.

The trust’s Salerno development attracted more than 6,800 applicants, indicating a need for more units in Orange County as more people are struggling financially due to the pandemic economy.

Residents have started to move into Salerno, which is located at Nightmist and Sand Canyon Avenue, a few blocks from the Great Park and 5 Freeway.

The initial residents of Sage Park will be decided by a lottery system in July.

Applicants for the Sage Park development will have to meet household income requirements to qualify for affordable housing. They will also need to attain a fixed-rate mortgage because the trust does not issue mortgage loans.

Sage Park will include 16 two-bedroom, 36 three-bedroom and 16 four-bedroom homes. They will resemble townhomes.

Asturias said that due to a restricted formula, the Sage Park homes will always stay affordable even to subsequent buyers.

“You have to be able to serve everybody that wants to work in this community and would like to live in this community,” Asturias said.

For more information about Sage Park, visit www.irvineclt.org/.

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