News from: The City of Coachella

Chelsea Investment Corporation (“Chelsea”), Coachella Mayor Steven Hernandez, Councilmembers Denise Delgado, Dr. Frank Figueroa, Stephanie Virgen, Neftali Galarza, and Riverside County Supervisor V. Manuel Perez celebrated the groundbreaking of Tripoli. Located on 2.8 acres at 51392 Cesar Chavez Street, Tripoli is a $63M, 108-unit apartment community for low-income families, including 10 units set aside for residents who have family members with disabilities. With the commencement of construction, Tripoli is scheduled to be completed in December, 2024, with full occupancy expected shortly after the grand opening of the new community.

Tripoli is the fourth affordable housing community to be developed in partnership with the City of Coachella. Previous developments include Pueblo Viejo Villas, Cesar Chavez Villas, and Cesar Chavez Villas II. All four projects total over $100M affordable housing developments in the city

“Our partnership with the City of Coachella and Pacific Southwest Community Development Corpora􀆟on represents the cornerstone of who we are as a company,” said Charles Schmid, Chief Executive Officer of Chelsea. “We are experiencing more often that local governments are not just building to increase capacity – they are building in their civic core, 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 Coachella has been a leader in developing affordable housing in the Coachella Valley, and we are proud to be its partner in the development of Tripoli.”

The project was awarded funding from 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 program, the California Department of Developmental Services’ Community Resource Development Plan Priorities (CRDP) program through the Inland Regional Center, and the City of Coachella.

“We’re excited to continue forward with the next step in our Pueblo Viejo Revitalization Plan through the Tripoli development,” stated Coachella Mayor Steven Hernandez. “We are ready to get moving on the next wave of affordable housing that has been in such high demand, as well as the continued beautification of our downtown area.”

Tripoli is in the downtown area of the City of Coachella near city hall and the 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.

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.”

Chelsea’s non-profit partner is Pacific Southwest Community Development Corpora􀆟on (PSCDC) and will offer residents adult educational and skill-building classes to include computer literacy, ESL, 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.

Construction of Tripoli will be performed by Chelsea affiliate, Emmerson Construction, and the project architect is The McKinley Associates.

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 the largest 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. For more information visit: Chelsea Investment Corporation (chelseainvestco.com)