COACHELLA, Calif. (January 26, 2022)- Coachella Mayor Steven Hernandez, Assembly member Eduardo Garcia, County Supervisor V. Manuel Perez and Jim Andersen, Chief Financial Officer of Chelsea Investment Corporation, walked the construction site to view the progress of affordable housing development, 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 expected to be fully occupied by June 1, 2022.
The project was awarded funding from the California Strategic Growth Council’s Affordability Housing and Sustainable Communities (AHSC) program and 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. Portions of the AHSC award included grants to the City of Coachella, Sunline Transit Agency, and Chelsea Investment Corporation.
“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. The project was designed by The McKinley Associates, Egan Civil Inc. and GMP Landscape Architecture. Emmerson Construction Inc. is the general contractor.
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 in the amount of $4,045,000 for a new development in the Pueblo Viejo Master Plan.
Representing California’s 56th Assembly District, Assembly member Eduardo Garcia said of both affordable housing projects, “We have been leading concerted policy efforts with the City of Coachella and other regional partners to increase affordable housing in our community and to ensure our area is better positioned to receive our fair share of resources. Together, we have successfully secured millions in state grants to support local affordable housing developments like these and, importantly, pursuing strategic opportunities to create healthier, more sustainable neighborhoods with projects that include vital access to transit and parks. Both these projects present a bold housing vision for the future, and we must continue to build on this incredible progress.”
Assembly member Garcia authored legislation that preserved the AHSC program’s funding source while making our region’s underserved communities more competitive to receive the climate investment grant dollars that supported Pueblo Viejo Villas.
The new community development, Tripoli, will be a 108-unit, large family development located on 2.8 acres of vacant land located at 51392 Cesar Chavez Street in the City of Coachella.County Supervisor V. Manuel Perez representing District 4 said, “Affordable housing throughout the Coachella Valley region is an important asset for our families and communities. Everyone deserves somewhere to call a home they are proud of. At a time in which homelessness is growing and young families cannot afford a home. At a time in which service workers and farm workers in Thousand Palms or Oasis do not have access to basic infrastructure, these projects couldn’t come at a better time. We Just Need More! As we celebrate this milestone, we cannot sit on our laurels because we are simply not done.”
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 low 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 Federal and State Low Income Housing Tax Credits and Bonds, State Grants and Public Housing Authority grants, Pacific Southwest Community Development Corporation is a non-profit company that acts as the managing general partner for low- and moderate-income apartment properties in California. PSCDC has partnered with Chelsea Investment Corporation on many projects in California.
Tripoli is scheduled to break ground in April 2023, with an estimated completion date of August 2024.