Chelsea Investment Corporation and PSCDC Celebrates Grand Opening of Apollo
The $15.5M affordable apartment community is financed by Banner Bank, Raymond James Tax Credit Fund, and the California Municipal Finance Authority
POWAY, CA – January 13, 2022 – Poway Mayor Steve Vaus and Poway Councilmember Dave Grosch joined Chelsea Investment Corporation and Pacific Southwest Community Development Corporation (PSCDC) for the Grand Opening of Apollo Apartments, a 44-unit affordable housing community designed for seniors, including veterans. It is expected that Apollo will be 100% occupied by the end of the month, with one-bedroom rents ranging from $1,101 to $1,329, and two-bedroom rents ranging from $1,240 to $1,592.
"Finding ways to provide affordable housing, especially for older adults and veterans, is more important than ever," said Poway Mayor Steve Vaus. "I'm proud of our City Council for helping pave the way for opportunities here in Poway, along with our partners Chelsea Investment Corporation and Meridian Development."
Located at 13098 Poway Road, on the northwest corner of Poway Road and Tarascan Avenue, Apollo is a 3-story, elevator-served community, with 44 on-site parking spaces. Fifteen of these units have a veterans' preference, providing housing for an increase in veterans throughout the County of San Diego. The project provides much-needed affordable units within the City of Poway. The County of San Diego, through its Innovative Housing Trust Fund, provided $450,000 to the project. Because of the additional funds, units that would have been restricted between 50% and 60% of the San Diego County Area Median Income (AMI), can now be targeted at 40% AMI households, making them more affordable to the tenants.
The project is funded by a loan from Banner Bank, equity investment provided by Raymond James, and tax-exempt bonds awarded by California Debt Limit Allocation Committee (CDLAC) and issued through the California Municipal Finance Authority (CMFA).
"Affordable housing is a critical component of master-planned communities like Poway Commons. What we see, particularly in San Diego County, 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 part of the affordable housing solution in Poway, but we are also proud to be part of changing people's lives."
As Chelsea's non-profit partner, PSCDC will provide on-site residential services that include adult educational and skill-building classes such as computer literacy, ESL and art classes, job counseling, financial literacy, health and wellness workshops, and a food distribution program. The classes and workshops will provide a minimum of 84 hours of instruction each year at no charge to the residents.
PSCDC will also offer a Senior Companion Program that will provide on-site individualized support and group assistance, including helping residents to apply for needed services, referral to social and health services in the community, and recreational activities.
PSCDC also received a Certificate of Recognition from the County of San Diego Supervisor, Joel Anderson, for "the leadership in bringing the Apollo affordable housing project to Poway."
"Even though Apollo is one of our smallest affordable housing developments, it is a unique and important project," says Juan Arroyo, Vice President of Pacific Southwest CDC. "It will also provide housing for both seniors and veterans that will play a major role in helping to revitalize a major corridor of the city."
"It is our first project in Poway, but hopefully not the last," Juan adds.
Construction was performed by Emmerson Construction, and the architect was McKinley Associates.
