SAN DIEGO (Jan. 26, 2017) -- Reflecting the importance of the housing affordability issue in San Diego, the local Building Industry Association (BIA) bestowed its highest honor on one of the city’s most respected developers of affordable housing, Jim Schmid, founder and CEO of Carlsbad-based Chelsea Investment Corp. (Chelsea).
In inducting him into the Hall of Fame, BIA President Borre Winckel said of Schmid, “His legacy is about an inspiring stewardship over complex policy initiatives,” that push politicians, civic leaders, and the building industry to pragmatically help the “housing have-nots.”
During the recent Hall of Fame induction ceremony, Schmid was also praised for demonstrating “how for-profit-builders and builders of affordable housing can and should be partners; and how this fits the public good.”
An attorney with an advanced degree in tax law, Schmid began his 40-year real estate career across all sectors of the industry. In 1992, he narrowed his focus to the development of affordable housing and has since grown the company to over 60 employees and a development portfolio of over 10,000 units, valued at $1.7 billion.
Although he is a passionate advocate for the creation and preservation of safe, accessible and affordable housing for all, Schmid has a special, personal devotion to creating affordable housing for those with developmental disabilities.
Last year, Chelsea opened San Diego’s first affordable housing community built with apartments set aside for families with a member who has a developmental disability. The BIA also honored this breakthrough property – Independence Point -- during its 2016 ICON Awards, an annual event showcasing the best in the business.
“Imagine for a moment that you’re a parent or a family member of a person with a developmental disability,” says Schmid. “Your single biggest fear is, ‘Where will my child, brother or sister live when I’m gone?’ Independence Point is a place where individuals can live independently in homes that are designed to meet their unique circumstances.”
In recognizing Schmid’s groundbreaking vision in developing affordable housing and for his ability to create successful public-private alliances, the BIA’s Winckel said, “Jim changed the dialogue and all for the good.”
ABOUT CHELSEA INVESTMENT CORPORATION
Since 1984, Chelsea has developed nearly 10,000 units of affordable housing at a cost of over $1.7 billion. The firm’s development portfolio includes urban infill, mixed-use, suburban inclusionary, acquisition rehab and rural developments. Approximately 20 percent of the units developed by Chelsea serve specialized populations, including seniors, farm workers, formerly 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.