Rendering Credit: The McKinley Associates
El Centro, CA – June 15, 2023: Chelsea Investment Corporation (Chelsea) executives were joined by California State Treasurer Fiona Ma, El Centro Mayor Martha Cardenas-Singh, Mayor Pro Tem Sylvia Marroquin, Councilmembers Garcia, Oliva, and Carter, and Assemblyman Eduardo Garcia for the groundbreaking of Jacaranda Gardens, the new development of a 96-unit, 100% affordable housing community in the City of El Centro serving low-income families earning 30% to 60% of Area Median Income (AMI).. The site was purchased from the City of El Centro and is located across from the recently built First Responders Park. The residential community will include five, three-story residential buildings and one, single-story community building where after-school homework help and general skill building classes will be held free of charge to the residents.
“One of the most basic human rights is a place to call home, and as the cost of housing in California continues to rise, finding suitable housing becomes out of reach for many,” said El Centro Mayor Martha Cardenas-Singh. “Chelsea Investment Corporation has been a great community partner through their continued efforts to provide high quality affordable housing for families in El Centro.”
In December 2020, the City of El Centro selected Chelsea (through a Request for Proposal process) to be the developer for the Jacaranda Gardens Project Site. Chelsea and the City of El Centro entered into an Exclusive Negotiating Agreement (ENA) in February 2021, a Disposition, Development, and Loan Agreement (DDA) in August 2022 and the Project site was purchased from the City of El Centro in June 2023. The City provided financial assistance to the Project through a carry-back loan. Funding for Jacaranda Gardens was also made possible through financial partnerships with California Bank & Trust and the tax credit investor, Candeur Group. Additionally, the Project received funding from the following entities and sources: California Climate Investments (funded through the Greenhouse Gas Reduction Fund); Affordable Housing and Sustainable Communities program (AHSC) administered by the Strategic Growth Council and implemented by the California Department of Housing and Community Development; California Tax Credit Allocation Committee (TCAC); California Debt Limit Allocation Committee (CDLAC); City of El Centro; and the Imperial Valley Housing Authority through Project-Based Vouchers.
“California is known as place of golden opportunity; however, the unaffordability of housing creates barriers between our residents and their dreams,” said Treasurer Ma. “I am proud of the work we are doing with CTCAC and CDLAC, removing these barriers and opening the doors of opportunity for Californians as they achieve a level of economic stability that was once out of reach.”
Jacaranda Gardens is the fourth affordable housing project to be developed by Chelsea in El Centro. In February 2022, Chelsea hosted the grand opening of Girasol, a two-story, 56-unit affordable housing community on West Adams Avenue also in El Centro.
“Chelsea’s partnership with the City of El Centro, the State of California and its leaders represents the cornerstone of who Chelsea is as a company,” said Charles Schmid, 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 El Centro, but we are also proud to be a part of changing lives,” Schmid said. ”We are experiencing more often that local governments are not just building to increase capacity – they are revitalizing key areas within the city while incorporating beautiful affordable housing that not only provides homes to lower income families, but also becomes an essential part of the fabric of the community. The City of El Centro has been a leader in developing affordable housing in Imperial Valley, and we are proud to be its partner in the development of Jacaranda Gardens.”
On-site supportive services at Jacaranda Gardens will be provided by Pacific Southwest Community Development Corporation, a leading provider of services in Imperial County. Services will include adult education and skill-building classes such as computer literacy, ESL, art classes, job counseling, financial literacy classes, as well as health and wellness. All services are on-site and are free of charge to the residents.
It is the commitment of Chelsea to give back to the communities it serves, and Chelsea announced that it has presented a financial donation to Friends of El Centro Foundation which provides services through the city’s parks and recreation department.
About Chelsea Investment Corporation
Since 1984, Chelsea has invested over $3 billion to develop over 15,000 units of affordable housing for populations including low-income seniors and families, farmworkers, individuals at risk for homelessness, and homeless veterans. Chelsea Investment Corporation was named by Affordable Housing Finance Magazine as the top California-based affordable housing developer in 2021. 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 households with a family member who has 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.