|Project Type: Rural||Project Cost: $9.9 million|
|Project Location: El Centro, CA||Client: Imperial Valley Housing Authority|
|No. Units: 72||CIC Role: Developer|
Countryside Apartments is a 72 unit, family oriented project located in El Centro, CA. It is located immediately adjacent to the offices of the Imperial Valley Housing Authority, the client for which the Company developed the project.
The Imperial Valley Housing Authority is a skilled and experienced developer of affordable housing. However, the size, cost and increasing complexity of the project led the IVHA to retain the services of Chelsea Investment Corporation to develop the project.
The low median income of Imperial County and the strength of the Imperial Valley Housing Authority as a sponsoring agency allowed the Company to avail itself of a full panoply of federal, state and local financing from both public and private sources. In order to finance the higher costs of the project, the Company arranged new and more complex financing sources for the property, including private activity bonds, 4% low income housing tax credits, HOME funds from the U.S. Department of Housing and Community Development, an Affordable Housing Grant from the Federal Home Loan Bank and a loan from the El Centro Redevelopment Agency.
Countryside Apartments demonstrates the Company’s ability to develop a project utilizing a complex plan of financing on a joint venture with a public agency.