PSCDC and Chelsea Investment Corp Celebrate Grand Opening of Affordable Housing for Farmworkers

The $19.6M Project is a 60-Unit Affordable Housing Community Built Exclusively for Farmworkers and Families

BRAWLEY, CA - May 26, 2022 - Chelsea Investment Corporation, Executive Director of the California Tax Credit Allocation Committee, Nancee robles, and Brawley Mayor Sam Couchman joined for the grand opening of Palomino, a $19.6M, 60-unit affordable housing community built for Brawley-area families and farmworkers. Palomino broke ground in Spring 2021, and it is anticipated that the affordable housing community will be fully occupied by July 2022. Brawley's economy relies on agriculture, with the city of Brawley being one of the largest employers of agricultural jobs in Imperial Valley. The land for the project was donated by the Imperial Valley Housing Authority (IVHA), and financing was provided by Richman Group and Citi Community Capital. A farmworker housing grant was awarded by HCD's Joe Serna, Jr. funding.

"Many of the country's top agricultural employers are located in Imperial Valley, including Brawley," said Mayor Sam Couchman. "One of the most basic human needs is a place to call home, especially for our city's farmworkers. Our farmworkers are a big part of the fabric of our community, and they deserve affordable homes they can be proud of. The CIty of Brawley appreciates its partnership with Chelsea Investment Corporation and hopes it will continue to develop similar projects in the future for our families in Brawley."

The affordable housing community was also partially funded by the State of California through the California Tax Credit Allocation Committee which awarded the project over $1.3 million in Federal Tax Credits.

Palomino has 60 units serving families and farmworkers earning between 30% and 55% Average Medium Income (AMI), the development consists of 14 one-bedroom units, 28 two-bedroom apartments, and 18 three-bedroom apartments. The two-story walk-up building also includes 122 on-grade parking spaces, a community room with a computer station and full kitchen, BBQ and picnic areas, tot lot, and on-site laundry facilities and is the second project being built on the 20-acre site after Chelsea's first development, Serenita Apartments, was completed in early 2020.

"The heart and soul of our company is not just building affordable housing, but also changing lives," said Jim Schmid, founder, and CEO of Chelsea Investment Corporation. "It has been gratifying to work with Brawley's government officials. We are here today because of that leadership which will go a long way to help improve the lives of so many families and farmworkers."

On-site services will be provided by Pacific Southwest Community Development Corporation (PSCDC), including adult education and skill-building classes, such as computer literacy, English as a Second Language (ESL), art, job counseling, financial literacy, and health and wellness activities. During the school year, PSCDC also offers an on-site tutoring and homework help program which also includes mentoring, arts and crafts, and other educational enrichment activities. All services are on-site and free of charge to the residents.

"Our partnership with Chelsea Investment Corporation is truly unique and is a fine example of a private developer bringing the non-profit sector into their developments to provide supportive services that will help its residents in not only having a beautiful community within which to live but one that provides life-changing offerings to give them a new, positive start for their families," said Juan Arroyo, Executive Vice President of Pacific Southwest Community Development Corporation.