Chelsea Investment Corp. to build 80 units of affordable housing for farmworkers

Chelsea Investment Corp. has broken ground on a $26.7 million, 80-unit complex of affordable farmworker housing in the Coachella Valley, where nearly 60,000 acres of land produce over $600 million in crops each year.

One-, two- and three-bedroom rental apartments at Phase II of Cesar Chavez Villas are income restricted and available to households earning 30 to 60 percent, or less, of the Area Median Income. Rental assistance, through the United State Department of Agriculture section 521 rental assistance program, will also be provided for residents.

When completed next year, rents will range from $726 to $1010.

The 80 units now underway will supplement 56 affordable farmworker apartments built by Chelsea in Phase I in 2014.

“Inadequate and substandard housing conditions are common issues faced by farmworkers and their families across the nation,” said Chelsea Project Manager Walter Heiberg. “We appreciate the trust the City of Coachella has placed in us and we’re honored to build-out this community of new affordable housing.”

Local dignitaries attending a July 27 groundbreaking ceremony praised the impact of the project on Coachella’s working families. Riverside County Supervisor V. Manuel Perez, who grew up riding his bike on this vacant property, said, “It means a lot to us in the City of Coachella and the overall farmworker community. Let’s continue to do this. Our people deserve it. It’s the right thing to do.”

Six two-story buildings will be built to the U.S. Green Building Council’s LEED Platinum designation, the highest energy efficiency rating in the building industry. The project’s renewable solar energy system will offset at least 83 percent of the energy load for the apartments, community building and laundry room.

Resident amenities include a clubhouse/community room, computer room, swimming pool, outdoor patio and barbeque, tot lot, basketball court and laundry facilities. Children living at Cesar Chavez Villas will have access to free after-school homework programs, computer labs, arts and crafts, soccer clinics, and other academic enrichment opportunities. Among the free classes to be offered to adults are financial education, citizenship, and English as a second language.

Each apartment features window and floor coverings, central air conditioning, patios or balconies, storage closet, all appliances and cable hookups.

Cesar Chavez Villas is located at 84851 Bagdad Avenue in an area that shows positive signs of revitalization, with new shopping and services available along a major transportation corridor nearby.

Financing for the second and final phase took three years to assemble and is a collaboration between the City of Coachella, the County of Riverside, the California Tax Credit Allocation Committee, the USDA Rural Development program, Rabobank, N.A. and U.S. Bancorp Community Development Corp.

For more information on Chelsea Investment Corp., visit www.chelseainvestco.com.

ABOUT CHELSEA INVESTMENT CORPORATION

Since 1984, Chelsea has developed 9,574 units of affordable housing at a cost in excess of $1.7 billion. The firm’s development portfolio includes urban infill, mixed-use, suburban inclusionary, acquisition rehab and rural developments. Approximately 50 percent of the units developed by Chelsea serve specialized populations, including seniors, farm workers, homeless households, and individuals with physical and developmental disabilities. The company is one of the few fully integrated affordable housing developers in the region that offers turnkey development, general contracting and property/asset management services. Chelsea is a long-term owner and operator and maintains a portfolio in excess of 5,000 affordable housing units. For more information, please visit www.chelseainvestco.com.