On Monday, we shared a few examples of what California cities are doing to improve their communities, based on what we heard at the recent League of California Cities conference. On Wednesday, we revealed that the top issue identified by conference attendees was affordable/workforce housing. Today, we highlight a couple of successful examples of affordable housing development without tax increment financing.
Since redevelopment dissolution, localities struggle to fund new affordable housing. There are two great examples of new workforce housing and their funding methods in Orange County:
Alegre Apartments in Irvine
AMCAL (the developer) partnered with the Irvine Community Land Trust to develop these apartments. RSG conducted a financial analysis to determine the investment needed by the Irvine Community Land Trust to fund the “gap” (the difference between the cost to develop the apartments and the value of the property based on rent revenue). Alegre received the Project of the Year award from the Kennedy Commission of Orange County.
The Arroyo at Baker Ranch in Lake Forest
Shea Homes and Toll Brothers partnered with Meta housing to develop these units and financed the project through tax credits and tax-exempt bonds, among other sources.
Together, we can find solutions to your pressing issues.
Written by Nicole Miller, a Research Assistant at RSG.