News Release
Media Contact: Myrna Marston, MPR+Strategic Communications, 619-733-9291
myrna@marstonmpr.com
Chelsea Investment Corporation Breaks Ground on Three Affordable Housing Developments, Welcomes the Grand Openings of Two Completed Affordable Housing Communities
Total Combined Units Reach 376, for a Total of $144.8M
Carlsbad, CA – June 15, 2022: Chelsea Investment Corporation (Chelsea), ranked the largest California-based affordable housing developer in 2021 by Affordable Housing Finance, recently celebrated groundbreakings for three new affordable housing developments in Woodland, Porterville, and Bakersfield, with all three totaling $77.3M with 211 units, and grand openings for two recently-completed affordable housing communities in Coachella and Brawley totaling $67.5M and 376 units. All five projects are in Central and Southern California.
Woodland
On April 28, 2022 Woodland Mayor Mayra Vega, and Yolo County Supervisor Angel Barajas, and Assemblymember Cecilia Aguiar-Curry joined Chelsea executives for the groundbreaking of Vista del Robles, a $31.5M 72-unit affordable housing community for families. Vista del Robles was funded by a series of financial partners: Construction Loan and Tax Credit Equity provided by Wells Fargo, a permanent loan provided by California Community Reinvestment Corporation, and California Tax Credits Allocation Committee utilizing its Tax Credits for Disasters Program. The City of Woodland also provided a loan of $500,000.
“I am excited to see more affordable housing developments being created in our 4th Assembly District,” said Assemblymember Cecilia Aguiar-Curry. “Throughout my district, and our state, we are fighting to find ways to address the housing crisis. Endeavors like these give me hope that we can work together to make real progress, project-by-project, and home-by-home.”
Porterville
On April 17th, California State Treasurer Fiona Ma, and Porterville Mayor Martha Flores were joined with Chelsea executives, and civic and community leaders to celebrate the groundbreaking of Carolita, a $19.9M, 68-unit affordable housing development for low-income families. The project is now a 4.7-acre vacant lot located in Porterville, California. “The Carolita housing community is exactly the type of developments that California needs to build bridges for access to affordable housing,” said California State Treasurer Fiona Ma. “I congratulate all the partners involved, the member and staff of the California Tax Credit Allocation Committee and the California debt Limit Allocation Committee, two of the entities which I chair, for their collaboration on this project to create permanent homes for low-income families in the Porterville area.”
Bakersfield:
On April 19th, Chelsea Investment Corporation and Bakersfield Mayor Karen Goh joined with civic and community members to celebrate the groundbreaking of Sagewood, a $25.9M, 71-unit affordable housing community in Bakersfield. The affordable housing community is earmarked specifically for Bakersfield-area farmworkers. Bakersfield’s economy relies on agriculture, with the city being the largest employer of agricultural jobs in Kern County. “Four of the top 15 major agricultural employers in Kern County are located in Bakersfield,” said Mayor Goh. “On of the most basic human needs is a place to call home, especially for our city’s farmworkers. Our farmworkers are a big part of the fabric of our community, and they deserve affordable apartment homes they can be proud of.”
Coachella
On May 9, 2022, Assemblymember Eduardo Garcia, Coachella Mayor Steven Hernandez, and Coachella City Councilmembers and Chelsea executives attended the Grand Opening of Pueblo Viejo Villas in the City of Coachella. Pueblo Viejo Villas is a 105-unit, large-family development located on a 2.6-acre parcel of land and is now fully occupied. The development was awarded funding from the California Strategic Growth Council’s Affordability Housing and Sustainable Communities (AHSC) program, the California Department of Housing and Community Development’s Infill Infrastructure Grant (IIG) program, the Housing Authority of the County of Riverside’s project-based vouchers and HOME programs, and the California Department of Developmental Services’ Community Placement Plan (CPP) program through the Inland Regional Center. Sonia Rahm, Director of Citi Community Capital, one of the project lenders, said: “Chelsea Investment Corporation is an industry leader providing much-needed affordable housing for persons with developmental disabilities. We at Citi are proud and honored to be the construction and permanent lender on this impactful project.”
Coachella Mayor Steven Hernandez said: “The wait for Coachella’s first cap and trade project is finally over. Pueblo Viejo Villas will provide needed affordable housing, transit options – while greatly enhancing our downtown, which is a great place to be. Assemblyman Garcia, the Strategic Growth Council, the County, Sunline, Chelsea Investment Corporation all deserve a round of applause because their collective efforts resulted in this incredible development.”
Brawley
On May 26th Chelsea Investment Corporation, Executive Director of the California Tax Credit Allocation Committee, Nancee Robles, and Brawley Mayor Sam Couchman joined for the grand opening of Palomino, a $19.6M, 60-unit affordable housing community built for Brawley-area families and farmworkers. Palomino broke ground in Spring 2021 and is anticipated that the affordable housing community will be fully occupied by July, 2022.
Palomino has 60 units serving families and farmworkers earning between 30% and 55% Average Medium Income (AMI) and consists of 14 one-bedroom units, 28 two-bedroom apartments, and 18 three-bedroom apartments.
Chelsea Investment Corporation’s founder and CEO, Jim Schmid, said: “The heart and soul of our company is not just building affordable housing, but also changing lives. It has been gratifying to work with local and state government leaders and elected officials throughout California. We have been able to accomplish these new projects and completed affordable housing developments because of that leadership which goes a long way to help improve the lives of so many families and farmworkers.”
About Chelsea Investment Corporation.
Since 1984, Chelsea has developed over 12,000 units of affordable housing for populations including low-income seniors and families, farmworkers, individuals at risk for homelessness, and homeless veterans. With a total project capitalization cost of over $3 billion, Chelsea’s expertise includes urban infill, mixed-use, suburban inclusionary, acquisition rehab and rural properties. The company is the first in California to deliver affordable apartments set aside for people with a developmental disability, such as autism, epilepsy, Down syndrome, or cerebral palsy. Chelsea is a fully integrated affordable housing developer and offers turnkey finance, development, general contracting, and property/asset management services. For more information, visit www.chelseainvestco.com.