(Save the dates: RealShare Apartments East comes to theHyatt Regency in Miami, FL, on February 26, and RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.)
IRVINE, CA-Affordable-housing community-development organization Jamboree Housing Corp. is breaking ground this week on the second phase of Doria Apartment Homes here. Designed for families who earn 30% to 60% of area median income, the second phase of the development encompasses 74 apartments and is Jamboree's second workforce-housing development in partnership with the Irvine Community Land Trust.
Financing for the $19.9-million development of Phase II consists of $6.3 million in tax-credit equity from the Irvine Co., $1.6 million in construction financing from Irvine Community Land Trust, $599,853 in construction and permanent financing from the City of Irvine, $700,000 in construction/permanent financing from the County of Orange; $400,000 continuum-of-care financing from the US Department of Housing and Urban Development, $1.1 million in permanent financing from California Housing Finance Agency and $12.9 million in construction and permanent financing from US Bank.
As GlobeSt.com previously reported, the first phase of Doria has 60 apartments and was completed in late 2011. Phase I was the first of Jamboree's family-oriented properties to include 10 homes for residents with special needs. Continuing that tradition, Phase II includes 10 homes that will be set aside for residents who receive services through the Mental Health Services Act, administered by the County of Orange. Construction of the second Doria phase is scheduled for completion by November 2013.
“In the 16 months since the opening of Phase I, Doria has received local, state and national attention with industry awards for creativity in affordable-housing design as well as for offering a quality home environment for residents with special needs who can now thrive alongside their neighbors,” said Laura Archuleta, president of Jamboree, in a prepared statement. “These are folks already living in our community, and the availability of permanent, supportive housing has been critical to providing a stable lifestyle for them.”
The completion of Doria Phase II is a strategic next step in realizing the land trust's goal to provide 5,000 new units of permanent affordable housing in the City by 2025, according to Mary Ann Gaido, president and chair of Irvine Community Land Trust. “That equates to the land trust contributing more than 50% of Irvine's overall affordable-housing goal in the next 15 years. This is our first rental project serving working families and is a model of the collaborative process that the City of Irvine has undertaken with private and nonprofit developers as well as with residents.”
Is there a need for more workforce housing in your area? Tell us about it in the comment box below.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
