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 more than 5100 units at a cost of over $ 690 million. 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 20 affordable apartment communities involving over $250 million in financing. With projects in San Diego, Imperial and Yuma counties, Cheri is an authority in financial modeling incorporating tax credits, tax exempt bonds, HOME financing, Proposition 46 financing, the Multifamily Housing Program and Affordable Housing Program financing. Her experience also includes financing, acquisition, rehabilitation and special needs projects. As Senior Project Manager, she is involved with the early project feasibility analysis, obtaining and closing project financing, construction and lease-up. 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 Chief Financial Officer 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
Senior Project Manager
Chelsea Investment 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 a Senior Project Manager and is a licensed general contractor. Charles has supervised the construction of more than 1,000 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.

Since 1999, Robert has been in charge of management operations and is responsible for the asset and property management services for the Company. In addition, he is responsible for regulatory compliance and reporting to regulatory agencies, lenders, investors and partners. He manages the marketing, fair housing and compliance services of the Company. Additionally, he oversees a staff with responsibilities ranging from on-site management to asset management and compliance. Robert has more than 20 years of management experience.

Bill Hedenkamp is the principal of Hedenkamp & Associates and is responsible for designing most of the projects developed by the Company. He is a graduate of Cal Poly San Luis Obispo and has over 35 years of experience in designing multifamily projects. The close integration of Hedenkamp & Associates with Chelsea Investment Corporation and its construction and management affiliates help assure the development of attractive, timely and affordable housing communities that are built to suit our clients‘ needs.