In Irvine, California—the heart of affluent Orange County—Montecito Vista is a 162-unit garden-style apartment complex that is home to those earning between 30 and 50 percent of the area median income. Developed by Jamboree Housing Corporation (JHC), a nonprofit housing firm, the seven three-story walk-up buildings are sited on land leased for 55 years from the private Irvine Company, which owns much of the land in this master-planned municipality. Montecito Vista is sited on land that had formerly been zoned for industrial use, and helps satisfy Irvine's affordable "housing element" requirement.
Tax-exempt bonds issued by Orange County were used to help finance the project. In addition, the city of Irvine provided $900,000 in community development block grants, which JHC leveraged to secure from Orange County redevelopment funding and HOME funds totaling over $3 million.
Image and case study courtesy of Urban Land Institute Development Case Studies.