National Community Renaissance (National CORE), has proposed a conceptual plan to develop an affordable housing project. National CORE is one the nation’s largest affordable-home builders and actively manages its properties. The proposed affordable housing project requires tenants to be income-qualified based on the Area Median Income (AMI) which is determined by the U.S. Department of Housing and Urban Development. The AMI for an Orange County family of four is currently $97,900, meaning residents of the potential National CORE project who earn between $24,950 for a single person to $94,950 for a family of four qualify for affordable housing. The proposed rents range from $615 for a one-bedroom unit to $1,851 for a three-bedroom unit. The City Council specified that current Lake Forest residents or people working in the City would have first preference for the units.
Under the proposed development, National CORE would purchase the two-building Mountain View Business Center at 24549 Raymond Way. The rear building would be replaced with the residential development, if the proposal is approved. The project is estimated to cost $47 million. There are various sources of funding, including County funding that provides for a smaller portion of the units to be designated for supportive housing which assists formerly homeless residents with a range of special needs and mental health issues. The City’s $3.7 million in funding comes from development fees and must be used for affordable housing or similar projects. Similar to any other development project, proposal must receive approvals from the City.
National CORE has affordable communities throughout Southern California, including Yorba Linda and San Clemente. The El Toro Road project would the first for National CORE in Lake Forest. The City’s largest affordable-home community in Lake Forest is in Baker Ranch and has 187 units.
To view National Core’s current and future developments, visit nationalcore.org/.
More than 35 community members joined the City and National Community Renaissance for a tour of existing affordable housing developments in Orange County on October 26. The group toured two National CORE properties in Yorba Linda to discuss amenities, onsite services, and building design.
The tour also provided residents with a forum to share input on strategies to foster housing opportunities for households of all income levels in Lake Forest, including a potential affordable housing project along 24549 Raymond Way.