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Nonprofit Housing Developer Has To Get Approvals, Funding, Just Like For-Profit Guys
Granite Court in Irvine is a modem looking, four-story, ecofriendly building with 71 apartments.
It has underground parking, a computer lab and a staffer who helps kids with their homework at the community center.
Rent for a three-bedroom apartment at Granite Court: $1,050 a month, or about 20% less man the county's average apartment rent of $1,350.
Granite Court, which opened last year, is an affordable housing development for families earning 30% to 60% of the county's median income of about $60,000.
Complexes such as Granite Court are the hallmark of Irvine-based Jamboree Housing Corp., one of the largest nonprofit housing developers in California.
"Our construction and our quality is just as good as a for-profit building," said Mark Hoover, a Jamboree board member and a vice president and sales manager for Santa Anabased First American Corp., a provider of title insurance and business data.
Jamboree has developed 6,000 apartments and condominiums at 70 complexes valued at more than $2 billion. It is the No. 2 affordable developer after San Francisco-based Bridge Housing Corp., which has built about twice as many homes.
Jamboree builds and manages affordable housing for cities and developers, such as Aliso Viejo's Shea Properties, part of Walnut's J.F. Shea Co., and Miami-based Lennar Corp., which runs much of its dayto-day operations from Aliso Viejo.
Under state law, cities - and developers by extension - have to provide affordable housing. They often tum to nonprofits such as Jamboree Housing to handle projects.
Jamboree has to propose, push through and build its projects just like any other developer.
"If you don't build high-quality housing, you're not going to get your next development approved," said Laura Archuleta, president of Jamboree Housing. "If you don't manage it well, you're not going to get your next development approved."
Jamboree's board includes executives who have day jobs in development, banking and title insurance, as well as an interest in affordable housing.
The board is...