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Lake Forest approves $4.35 million loan for Aspen Court affordable housing project
Summary
The Lake Forest City Council and Housing Authority approved a $4,350,000 loan to National Community Renaissance (National CORE) for the Aspen Court affordable housing project, a 50‑unit, four‑story development with a 55‑year affordability term and a dedicated room for Lake Forest Police Services.
The Lake Forest City Council and Lake Forest Housing Authority on Tuesday approved a loan agreement providing $4,350,000 to National Community Renaissance (often referred to as National CORE) to develop Aspen Court, a proposed 50‑unit affordable housing project at 22471 Aspen Street.
The project plan presented by city staff describes a four‑story courtyard building with 50 units: “21 bedrooms, 16 2 bedrooms, and 14 3 bedrooms,” 69 parking stalls, and on‑site amenities including a community room, tot lot, barbecue area, laundry facilities and a dedicated room for Lake Forest Police Services.
Why it matters: The project helps the city meet state housing obligations (the regional housing needs assessment, or RHNA) and uses local affordable housing funds that must be expended for qualifying projects. Staff said the Housing Asset Fund has a surplus that must be spent by June 2027; the loan will deploy those funds for affordable housing.
Key details presented - Loan amount: $4,350,000 from local affordable housing and housing asset funds. - Unit mix and amenities: 50 total units with community amenities and a dedicated room for Lake Forest Police Services. - Affordability term: Project to be operated as affordable for 55 years; rents and income limits will follow state guidance (Tax Credit Allocation Committee and HCD limits updated annually). - Timeline: Staff presented an estimated construction timeframe of about 24 months after commencement and an anticipated opening in March 2028.
Public testimony and council comments Supporters — including volunteers from Welcoming Neighbors Home, the Kennedy Commission, project partners and a developer representative — said Mountain View Apartments (a previous National CORE project) shows local appetite for family workforce housing and that high demand demonstrates local need. Rona Henry, a volunteer, noted the Mountain View wait list and urged approval.
Opponents and questions raised in public comment included concerns about whether Mountain View and similar projects primarily served Lake Forest residents. Andrew O’Connor challenged the city’s outreach and said Mountain View’s local occupancy rate was low; National CORE’s representative, Alexa Washburn, said 62 of 71 units at Mountain View were leased to Lake Forest residents or those who work in Lake Forest at initial lease‑up and that Aspen Court will include a local preference in the lottery process to prioritize people who live or work in Lake Forest “to the greatest extent allowed by law.”
Council members expressed support for the partnership with National CORE and highlighted the on‑site manager and the dedicated police room as benefits that improve response times and neighborhood integration.
Council action Council Member (Mayor Pro Tem) moved staff recommendation to approve the loan agreement; the motion was seconded and passed unanimously on a voice vote. The housing authority and city will execute implementing documents consistent with the approved loan and affordability restrictions.
What the approval does not do The council did not adopt new local ordinances or change state funding rules; staff said the project must comply with state affordable housing funding rules and the National CORE development team will seek additional funding sources and tax credits as needed.
