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PSCDC, Chelsea Investment Corp, and Partners Join to Celebrate Grand Opening of Pueblo Viejo Villas

The $47.9M project includes 10 units set aside for individuals with development disabilities and their families.

COACHELLA, CA - May 9, 2022 - Assemblymember Eduardo Garcia, Coachella Mayor Steven Hernandez, and Coachella City Councilmembers attended the Grand Opening of Pueblo Viejo Villas located at 1279 6th Street in the City of Coachella. Pueblo Viejo Villas is a 105-unit, large-family development located on a 2.6-acre parcel of land expected to be fully occupied by June 1, 2022. The project was awarded funding from the California Strategic Growth Council's Affordability Housing and Sustainable Communities (AHSC) program, the California Department of Housing and Community Development's Infill Infrastructure Grant (IIG) program, the Housing Authority of the County of Riverside's project-based vouches and HOME programs, and the California Department of Development Services' Community Placement Plan (CPP) program through the Inland Regional Center. Portions of the AHSC award includes grants to the City of Coachella, Sunline Transit Agency, and Chelsea Investment Corporation.

Pueblo Viejo Villas is in the downtown area of the City of Coachella near the city hall and public library. The area is the focus of redevelopment activity for the city through a planning effort that resulted in the Pueblo Viejo Master Plan. The detailed plan includes a strong vision for future redevelopment of the civic, commercial, residential, and mixed-use components of this historic part of the city. The project includes one, two, and three-bedroom units targeted toward families. Of the 105 units, at least ten units were set aside for individuals and families with at least one member who has a development disability.

Sonia Rahm, Director of Citi Community Capital, one of the project lenders, said, "Chelsea Investment Corporation is an industry leader providing much-needed affordable housing for persons with developmental disabilities. We at Citi are proud and honored to be the construction and permanent lender on this impactful project."

Pacific Southwest Community Development Corporation (PSCDC), Chelsea's non-profit partner, will offer residents an after-school program for school-aged children and adult educational and skill-building classes that will include computer literacy, ESL and art classes, job counseling, financial literacy, health and wellness workshops, and a food distribution program. The after-school program, classes, and workshops will be provided on-site and at no charge to the residents.

Construction was preformed by Emmerson Construction, and the architect was The McKinley Associates.

"The wait for Coachella's first cap and trade project is finally over. Pueblo Viejo Villas will provide needed affordable housing, transit options while greatly enhancing our downtown, which is a great place to be. Assemblyman Garcia, the Strategic Growth Council, the County, Sunline, Chelsea Investment Corporation, and our city staff all deserve a round of applause because their collective efforts resulted in this incredible development," stated Mayor Steven Hernandez.

Representing California's 56th Assembly District which includes cities and unincorporated communities in eastern Riverside County and Imperial County, Assemblyman Eduardo Garcia said, "I cannot be more thankful, and proud, to see the City of Coachella and its development partners come together to create communities that meet so many needs like affordable housing and access to convenient public transportation. That is real progress."

"Our partnership with the City of Coachella and Pacific Southwest Community Development Corporation (PSCDC) represents the cornerstone of who we are as a company," said Jim Schmid, founder, and CEO of Chelsea Investment Corporation. "We are experiencing more often that municipalities are not just building to build capacity - they are building to fill a long-important need of affordable housing centered around transportation hubs. The City of Coachella has been a significant change in the valley, and we are proud to be the city's partner."


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