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PSCDC, CIC, State Treasurer Fiona Ma, and City Officials Attend Jacaranda Gardens Groundbreaking

EL CENTRO, CA – June 15, 2023 – Chelsea Investment Corporation (Chelsea) and Pacific Southwest Community Development Corporation (PSCDC) executives were joined by California State Treasurer Fiona Ma, El Centro Mayor Martha Cardenas-Singh, Mayor Pro Tea Sylvia Marroquin, Councilmembers Garcia, Oliva, and Carter, and Assemblyman Eduardo Garcia for the groundbreaking of Jacaranda Gardens. The newest development totaling $36.64 million, is a 96-unit, 100% affordable housing community in the City of El Centro serving low-income families earning 30% to 60% of Area Median Income (AMI). The site was purchased from the City of El Centro and is located across from the recently build First Responders Park. The residential community will include five, three-story residential buildings and one, single-story community building where after-school homework help and general skill building classes will be held free of charge to the residents.

"One of the most basic human rights is a place to call homes and as the cost of housing in California continues to rise, finding suitable housing becomes out of reach for many," said El Centro Mayor Martha Cardenas-Singh. "Chelsea Investment Corporation has been a great community partner through their continued efforts to provide high quality affordable housing for families in El Centro."

"California is known as a place of golden opportunity; however, the affordability of housing creates barriers between our residents and their dreams," said Treasurer Ma. "I am proud of the work we are doing with CTCAC and CDLAC, removing these barriers and opening the door of opportunity for Californians as they achieve a level of economic stability that was once out of reach."

Jacaranda Gardens is the fourth affordable housing project to be developed by Chelsea in El Centro, in partnership with PSCDC.

"Chelsea's partnership with the City of El Centro, the State of California, and its leaders represents the cornerstone of who Chelsea is as a company," said Charles Schmid, 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 El Centro, but we are also proud to be a part of changing lives," Schmid said.

On-site resident services at Jacaranda Gardens will be provided by PSCDC, a leading provider of services in Imperial County. Services will include adult education and skill-building classes such as computer literacy, ESL, art classes, job counseling, financial literacy classes, as well as health and wellness. All services are on-site and are free of charge to the residents.

"To supplement these services, PSCDC will work in conjunction with El Centro-based community partners such as the Imperial Valley Food Bank to help distribute food to residents, the University of California's Cooperative Extension to offer nutrition and gardening classes, Mechanics Bank for financial education workshops, and El Centro Regional Medical Center to conduct health and wellness classes," said Juan Arroyo, Vice President of Pacific Southwest Community Development Corporation.


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