Company Milestones

2016

Completion of two projects with units set aside for persons with developmental disabilities. 
Completed a 203 unit SRO project for persons at risk for homelessness, homeless veterans and other fragile persons.
 

2015

Chelsea Investment Corporation is the 16th largest affordable housing developer in the country.
 

2014

Company completes Cesar Chavez Villas in Coachella, CA., its first Riverside County project. 
Border Communities Capital Company, the Company’s New Markets Tax Credit affiliate, completes $100 million of NMTC financing.
CIC completes development of more than 7,800 affordable housing units at a cost of over $1 billion.
 

2013

The Company completes its first affordable housing project in New Mexico.
 

2012

Border Communities Capital Company achieves $100,000,000 of New Markets Tax Credit Investment.
Charles Schmid is named President of Emmerson Construction, Inc.
 

2011

CIC completes development of more than 6,300 affordable housing units at a cost of over $1 billion. 
Cheri Hoffman becomes President of Chelsea Investment Corporation. 
Company completes Cityplace, its first Kern County project, located in Bakersfield, CA.
 

2010

Emmerson Construction, Inc., an affiliate of CIC, constructs Courtyard Terraces, its first podium project in a joint venture with Housing Development Partners.
2009 Border Communities Capital Company, an affiliate of CIC receives its second allocation of $59 million of New Markets Tax Credits.
 

2008

Completion of 144 affordable housing units in Sacramento, CA., the Company's first project in Northern California. 
 

2007

Groundbreaking kicks off construction for 16th and Market, CIC’s first high rise affordable project in a joint venture with St. Vincent De Paul.
 

2006

Affordable housing units now total more than 4200 units at a cost of $650 million.
 

2005

Construction begins on 204 unit Fairbanks Ridge complex, developed at a cost of $50 million.
 

2003

Border Communities Capital Company, LLC, an affiliate of CIC receives an allocation of $50 million of New Markets Tax Credits. 
 

2001

Completion of first inclusionary affordable housing project — 440 unit Teresina Apartments in Chula Vista, California. 

1996

First Special Needs affordable housing project is financed on behalf of St. Vincent de Paul — 350 unit Paul Mirable Center in San Diego, California. 

1994

First historic rehabilitation completed — Hotel San Carlos in Yuma, Arizona. 

1992

First affordable housing project in partnership with the Imperial Valley Housing Authority completed — Hatfield Homes in Brawley, California. 

1990

Completion of several office and industrial projects in Riverside County. 

1988

Second major project — 100 unit Brianna Court Apartments in El Cajon, California is developed. 

1987

First major project — 125 unit Chelsea Garden Apartments in El Cajon, California is developed. 

1986

CIC is incorporated.

1984

Chelsea Properties is founded by James Schmid to develop garden apartments and office buildings. CIC is named after Chelsea, James and Lynn Schmid’s eldest daughter.