News Release
Media Contact: Myrna Marston, MPR+Strategic Communications, 619-733-9291
myrna@marstonmpr.com
Coachella Mayor Steven Hernandez and Assemblymember Eduardo Garcia Join
Chelsea Investment Corporation to Celebrate the Grand Opening of Affordable Housing Community Pueblo Viejo Villas and City Funding for Neighboring Affordable Housing Project, Tripoli, Soon to Break Ground
Coachella, CA – January 14, 2022: Coachella Mayor Steven Hernandez, and Jim Schmid, the founder CEO of Chelsea Investment Corporation, a national developer specializing in building only affordable housing communities, walked the site of the newly-completed Pueblo Viejo Villas. Located on the northeast corner of 6th Street and Cesar Chavez Street 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 expected to be fully occupied by (date here). The project was awarded funding from the Strategic Growth Council’s Affordability Housing and Sustainable Communities program. Portions of the award included grants to the City of Coachella, Sunline Transit Agency, and CalVans.
“Providing affordable housing, and especially the amenities Pueblo Viejo Villas will provide to the community sets a higher bar for the way the city plans its neighborhoods and transit systems,” said Mayor Steven Hernandez. “I commend our city council, our planners, our development partners and the community for driving this project forward to completion.”
Pueblo Viejo Villas is in the downtown area of the City of Coachella near the city hall and public library. The area is the focus of redevelopment activity for the city through a planning effort that resulted in the Pueblo Viejo Master Plan. The detailed plan includes a strong vision for future redevelopment of the civic, commercial, residential, and mixed-use components of this historic part of the city. The project includes one-, two-, and three-bedroom units targeted toward families. Of the 105 units, at least ten units have been set aside for individuals and families with at least one member who has a developmental disability.
As cities across the Coachella Valley make affordable housing a priority, the City of Coachella has again partnered with Chelsea Investment Corporation which will receive Infill Infrastructure Grant Funding (IIG) in the amount of $4,045,000 for a new project in the Pueblo Viejo Master Plan.
Representing California’s 56th Assembly District which includes cities and unincorporated communities in eastern Riverside County and Imperial County, Assemblyman Eduardo Garcia said of both affordable housing projects: “Could not be more thankful, and proud, to see the City of Coachella and its development partners come together to create communities that meet so many needs like affordable housing and access to convenient public transportation. That’s real progress.”
The new community project, Tripoli, will be a 108-unit, large family development located on 2.8 acres of vacant land located at 51392 Cesar Chaves Street in the City of Coachella. Tripoli will be the second housing development that the City of Coachella and Chelsea Investment Corporation have planned in this prominent location that will serve as a gateway to downtown. The overall Tripoli community will include 108 residential units that will add density and vibrancy to this central city location. The project will include 27 one-bedroom units, 52 two-bedroom units and 29-bedroom units providing for the housing needs of residents with and very low income – less than 60% of area median income.
“Our partnership with the City of Coachella and Pacific Southwest Community Development (PSCDC) represents the cornerstone of who we are as a company,” said Jim Schmid, founder, and CEO of Chelsea Investment Corporation. “We are experiencing more and more that municipalities are not just building to build capacity – they are building to fill a long-important need of affordable housing centered around transportation hubs. The City of Coachella has been a game-changer in the valley, and we are proud to be the city’s partner.”
Financed by Low Income Housing Tax Credits, State Bonds, Redevelopment Agency and Housing Tax Credits, State Bonds, Redevelopment Agency and Housing Authority grants, Pacific Southwest Community Development Corporation is a non-profit company that acts as the management general partner for low- and moderate-income apartment properties in California. PSCDC has partnered with Chelsea Investment Corporation on several projects in California.
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: Chelsea Investment Corporation (chelseainvestco.com)