News Release
Media Contact: Myrna Marston, MPR+Strategic Communications, 619-733-9291
myrna@marstonmpr.com
Chelsea Investment Corporation, Woodland Mayor Mayra Vega, and County Supervisor Angel Barajas Join for a Groundbreaking Ceremony for Affordable Housing
The $31.5M Project is a 72-Unit Affordable Housing Community Financed by Wells Fargo, California Community Reinvestment Corporation, California Disaster Tax Credits, and the City of Woodland.
Woodland, CA – April 28, 2022 – Chelsea Investment Corporation, Woodland Mayor Mayra Vega, and District 5 County Supervisor Angel Barajas came together to celebrate the groundbreaking of Vista del Robles, a 72-unit affordable housing community for families. Located at 310 West Main Street in Woodland, the garden-style, 3-story walk-up with open parking will feature 21 1-bedroom units, 33 2-bedroom units, and eighteen 3-bedroom units.
Vista del Robles was funded by a series of financial partners: Construction Loan and Tax Credit Equity provided by Wells Fargo, a permanent loan provided by California Community Reinvestment Corporation, and California Tax Credits Allocation Committee utilizing its Tax Credits for Disasters Program. In addition, the City of Woodland provided a loan of $500,000.
“One of the most basic human needs is a place to call home. Over the past months the pandemic has exemplified the need for affordable homes as the price of housing in California continues to rise,” said Woodland Mayor Mayra Vega. “I’m proud of our City Council for helping pave the way for families to have the opportunity to live in a beautiful, affordable community in Woodland.”
“Affordable housing is a critical component of integrating families into a beautiful place to call home at a price they can afford. What we have seen throughout California is an extreme shortage of affordable housing in the rental market,” said Jim Schmid, founder, and CEO of Chelsea Investment Corporation. “Affordable housing is the strongest foothold toward economic stability. Our team is not only proud to be a part of the affordable housing solution in Woodland, but we are also proud to be a part of changing people’s lives.”
“I am excited to see more affordable housing development being created in our 4th Assembly district! Many thanks to the City of Woodland and all the stakeholders responsible for spearheading this project that will provide affordable housing to 72 families. Throughout my district, and our state, we are fighting to find ways to address the housing crisis. Endeavors like these give me hope that we can work together to make real progress - project by project and home by home,” said Assemblymember Cecilia Aguiar-Curry.
On-site services will be provided by Chelsea’s non-profit partner, Pacific Southwest Community Development Corporation (PSCDC), and will include adult education and skill-building classes, such as computer literacy, English as a Second Language (ESL), art, job counseling, financial literacy, health, and wellness. PSCDC also offers an on-site after-school program during the school year for school-age children. This program includes tutoring, mentoring, arts and crafts, and other educational enrichment activities. All services are on-site and free of charge to the residents.
“We are so grateful that many Woodland low-income families seeking housing will be presented the opportunity to live at the Vista del Robles family housing complex soon,” said Yolo County Supervisor Barajas. “This was made possible by a public-private partnership that is so desperately needed to address the housing crisis in California. We are so proud and blessed to welcome this 72-unit family housing opportunity in our backyard.”
Construction will be performed by Emmerson Construction, Inc., and the architect is The McKinley Associates, Inc.
About Chelsea Investment Corporation
Since 1984, Chelsea has developed over 135 communities, representing over 12,000 units of affordable housing with an initial capitalization cost of over $3B. Chelsea’s communities serve multiple populations, including low-income seniors and families, farmworkers, individuals with a developmental disability, individuals at risk for homelessness, and homeless veterans. Chelsea’s expertise includes urban infill, mixed-use, suburban inclusionary, acquisition rehab, and rural properties. The company is the first in California to deliver affordable apartments set aside for people with 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 www.chelseainvestco.com