Jim is an attorney with an advanced degree in tax law and has extensive experience in all areas of development and management of commercial and residential properties. During his career, his responsibilities have included project acquisition, financing, design, construction, marketing and property management of office, commercial, industrial and residential projects.
He founded Chelsea Investment Corporation in 1986 and later specialized in financing and developing affordable housing. The company has developed over 6,300 units at a cost of over $1 billion. Its core competencies include finance, development, construction and property management services. It is also active in economic development activities utilizing New Markets Tax Credits.
As CEO, Jim is responsible for management of CIC and all of its affiliated companies.

Cheri Hoffman has been part of the Chelsea Investment Corporation development team since 1994. She has participated in the financing and development of more than 40 affordable apartment communities involving over $800 million in financing. With projects in San Diego, Imperial, Yuma and Sacramento counties , Cheri is an authority in financial modeling incorporating tax credits, tax exempt bonds, HOME financing, Proposition 46 financing, Proposition 1C financing (including the Multifamily Housing Program), USDA Financing and Affordable Housing Program financing. Her experience includes financing, acquisition, rehabilitation and special needs projects, and she is involved with the early project feasibility analysis and obtaining and closing project financing. Cheri received her degree in Accounting from California State University in Fullerton and continued her education with finance studies at California Polytechnic University in Pomona.

As Senior Project Manager of the Company since 1997, Wally brings over 20 years of experience serving as a senior financial executive for six public and private companies prior to joining CIC. During his career, he was on the audit staff of Coopers and Lybrand and served as CFO and Treasurer of Magma Power Company. Since 1998, he has acquired $165 million in bond allocation from the California Debt Limit Allocation Committee to finance the construction, acquisition and rehabilitation of affordable multi-housing units using tax-exempt private activity bonds. His role in maintaining contact with municipal bond issuers, DUS and construction lenders, as well as tax credit equity investors is primary in providing financing for bond-financed projects. Wally is active in new business development particularly in the areas of inclusionary housing and housing for special needs populations.

Charles Schmid
President
Emmerson Construction, Inc.
Finish Tech Corporation
Frontera Construction Corporation

Charles has been with the Company since 1986, and applies experience with real estate finance, development and management to facilitate the needs of the Company. With his specialized training in multifamily projects, he now serves as President of our construction companies. Charles, a licensed general contractor, has supervised the construction of more than 2,500 units in Southern California and Arizona. With a degree from the University of California, San Diego, he has a thorough understanding of the life cycle of apartment development, from feasibility analysis through lease-up. Recent projects range from rural developments of 80 units to suburban San Diego projects of more than 200 units.

Cathy Berg
Chief Financial Officer
CIC Management

Cathy has been part of the Chelsea Investment Corporation team since 1996. She has served as Chief Operating Officer, Project Manager and Financial Analyst, and her current capacity is that of Executive Vice President and Chief Financial Officer of CIC Management. She is responsible for making decisions regarding financial management, recordation, reporting and interpreting financial data, and providing methods of systematic evaluation of business activities. She participates with the business leadership team to develop and implement strategies to improve cash flow and support the long term profitable growth of the Company. Cathy holds a Bachelor's Degree in Accounting, has successfully passed the CPA exam, and has over 20 years experience in Commercial, Retail and Multifamily Development and Property Management.

Jerry Hannon
Chief Financial Officer
Chelsea Investment Corporation

Jerry Hannon has been part of the Chelsea Investment Corporation team since 2004. His current capacity is Chief Financial Officer of Chelsea Investment Corporation. Jerry's responsibilities include overseeing the management and coordination of all fiscal reporting activities, assisting in the development of financial and tax strategies, monitoring the company's banking activities and arranging credit facilities, and participating in development of new business. In addition, he is responsible for the investing and oversight of the company's New Market Tax Credits portfolio and has experience in creating and maintaining foreign insurance captives. Jerry holds a Bachelor's Degree in Accounting and prior to joining Chelsea was employed in public accounting working largely in the real estate and construction industry.

Gerri Jones
Chief Financial Officer
Emmerson Construction, Inc.

Gerri Jones has worked in homebuilding and land development for over 15 years in the accounting and recording departments of both national and regional homebuilders. She currently serves as the Chief Financial Officer of Emmerson Construction, Inc. and is responsible for the day-to-day financial management, business plan development, and system upgrades for the company. She holds a Bachelor's Degree in Accounting from Cal State Long Beach, where she graduated with honors. She recently passed her CPA exam.