News Release
Media Contact: Myrna Marston, MPR+Strategic Communications, 619-733-9291
myrna@marstonmpr.com
Chelsea Investment Corporation Celebrates Grand Opening of Apollo, Featuring 44 Affordable Units for Seniors within Poway Commons in the City of Poway
The $15.5M affordable apartment community is financed by Banner Bank, Raymond James Tax Credit Fund, and the California Municipal Finance Authority
Poway, CA – January 13, 2022 – Poway Mayor Steve Vaus and Poway Councilmember Dave Grosch joined Chelsea Investment Corporation for the Grand Opening of Apollo, a 44-unit affordable housing community designed for seniors, including veterans. It is expected that Apollo will be 100% occupied by the end of the month, with one-bedroom rents ranging from $1,101 to $1,329, and two-bedroom rents ranging from $1,240 to $1,592.
“Finding ways to provide affordable housing, especially for older adults and veterans, is more important than ever,” said Poway Mayor Steve Vaus. “I’m proud of our City Council for helping pave the way for opportunities here in Poway, along with our partners Chelsea Investment Corporation and Meridian Development.”
Apollo, located at 13098 Poway Road, on the northwest corner of Poway Road and Tarascan Avenue, is a 3-story, elevator served community, with 44 on-site parking spaces. Fifteen of these units have a veterans’ preference, providing housing for an increase in veterans throughout the County of San Diego. The project provides much needed affordable units within the City of Poway. The County of San Diego, through its Innovative Housing Trust Fund, provided $450,000 to the project. Because of the additional funds, units that would have been restricted between 50% and 60% AMI, can now be targeted at 40% AMI households, making them more affordable to the tenants.
The project is funded by a loan from Banner Bank, equity investment provided by Raymond James, and tax-exempt bonds awarded by California Debt Limit Allocation Committee (CDLAC) and issued through California Municipal Finance Authority (CMFA).
“Affordable housing is a critical component of master planned communities like Poway Commons. What we see, particularly in San Diego County, is an extreme shortage of affordable housing in the rental market,” said Jim Schmid, founder and CEO of Chelsea Investment Corporation. “Affordable housing is the strongest foothold toward economic stability. Our team is not only proud to be a part of the affordable housing solution in Poway, but we are also proud to be a part of changing people’s lives.”
Chelsea’s non-profit partner is Pacific Southwest Community Development Corporation (PSCDC) and will offer residents adult educational and skill building classes to include computer literacy, ESL and art classes, job counseling, financial literacy health and wellness workshops, and a food distribution program. The classes and workshops will provide a minimum of 84 hours of instruction each year on-site at no charge to the residents. PSCDC will also offer a Senior Companion Program that will provide on-site person-to-person support and group assistance, including helping residents to apply for needed services, referral to social and health services in the community, and recreational activities.
Construction was performed by Emmerson Construction, and the architect was McKinley Associates
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, renovation, 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: Chelsea Investment Corporation (chelseainvestco.com)
About Meridian Development:
The principal partners at Meridian Development have built thousands of homes, and believe our greatest asset is happy homeowners. At Meridian Development, we align our business relationships with likeminded companies that understand and take seriously the social contract that is inherently made through the creation of our communities, which is to responsibly develop lasting, environmentally friendly projects that our customers are happy to call home. For more information visit: Meridian New Homes – Happy homeowners are our greatest asset.