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The Irvine Company has long believed that for
a community to fully thrive,
it must encourage, accommodate and welcome individuals and families from all walks
of life and income levels. Doing so requires a comprehensive, creative approach,
and a commitment to the provision of affordable housing.
Across The Irvine Ranch, The Irvine Company strives to provide a wide
variety of housing at various price points, to make it possible for a full spectrum
of individuals and families to enjoy living in our communities.
Producing desired levels of affordability requires a close cooperative
approach involving both the public and private sectors. Creating deeper levels
of housing affordability also requires available land, approved entitlement and
zoning, and the special types of financing necessary for affordable housing
developments.
The Irvine Company for many years has worked closely with the city of
Irvine to help officials achieve their ambitious affordable housing goals. The
following points highlight the company's historical and ongoing efforts to
provide a full spectrum of housing opportunities.
- The company owns and operates more than 2,200 units reserved for lower-income
renters; many of those units are part of the federal Section 8 program. The
company participates in this program voluntarily, something that sets it apart
from many apartment owners. The company also has created apartment communities
with new, smaller floor plans and lower rates.
- In addition, The Irvine Company has forged partnerships with non-profit
affordable housing organizations such as Jamboree Housing Corp. and Bridge Housing.
- The company has also instituted a resident appreciation program to reward
longer-term renters with lower rates.
While new housing is an important element of a dynamic housing cycle, it is
not the only component. Each homeowner climbs a unique housing ladder. This
is important because each time someone moves to the next rung of the ladder,
it creates an opportunity for someone else.
The Irvine Company's research shows that about 50% of people who buy
homes on The Irvine Ranch are already living on the ranch, and thus, are moving
up. And as they move up, they make available a less expensive, more affordable
product that gives others the chance to become a homeowner or move up the ladder.
In any given year, roughly 80% of the housing transactions involve
older, resale homes. Only 20% involve new homes. As long as the community
enjoys a strong, job-creating economy, along with new housing to keep pace and
provide opportunities for people to move up, the process will take care of a
majority of our community's housing needs.
Through this multi-faceted approach, The Irvine Company's goal is to
help create a diverse housing supply that allows the community to thrive by
giving people from all walks of life an opportunity to establish roots on
The Irvine Ranch.
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