HomeMy WebLinkAbout3b_Newport North Preservation LetterJune
COMMUNITY DEVELOPMENT DEPARTMENT
PLANNING DIVISION
100 Civic Center, Newport Beach, CA 92660
(949) 644 -3200 Fax: (949) 644 -3229
www.newportbeachca. gov
Barbara Brenton
Irvine Company Apartment Communities
110 Innovation Drive, Irvine, CA 92617
Re: Expiring Tax Exempt Bond Obligations for Newport North Apartment Homes
Dear Ms. Brenton,
Thank you for the notification regarding the upcoming expiration of tax exempt bond
obligations for the Very Low and Low Affordable Housing Bond Program set to expire
on November 15, 2013. Per your letter, a total of 115 units would be affected within the
Newport North apartment complex, including 29 very low- income units and 86 low -
income units. These units represent a large portion of the City's existing affordable
housing supply and would result in a significant loss of affordable rental units. Although
not a party to the original affordability agreement, the City respectfully requests that you
reconsider your intent to convert the affected units to market -rate housing. With the
continual rent increases in the City, many families and senior residents struggle
financially to continue living and working in the City.
The City maintains an Affordable Housing Fund and may be willing to commit financial
resources to partially subsidize all or a portion of the affected units.
To further discuss preservation options with the City, including the financial resources,
please contact Jaime Murillo, Senior Planner, at (949) 644 -3209 or at
0murillo newportbeachca.gov to schedule a meeting. I look forward to working with on
achieving the City's preservation goals.
Sincerely,
Kimberly Brandt, AICP
Community Development Director