Chelsea Investment Corp. and Integral Communities to Build 38 New Affordable Rentals in Oceanside

SAN DIEGO - Jan. 12, 2017 - PRLog -- The city of Oceanside will gain 38 new affordable rental homes in 2017, thanks to the collaborative efforts of Integral Communities and Chelsea Investment Corp., one of the region's largest developers of affordable housing.

Integral Communities, developer of the 35.5-acre Mission Lane master-planned community (formerly known as Villa Storia), donated the land and a substantial monetary contribution to Chelsea who secured the remaining financing needed to create the project.

Chelsea's Villa Storia apartment community is the first inclusionary project in Oceanside under the city's Inclusionary Housing Ordinance, which requires projects of three or more homes to reserve at least 10 percent of the units for low-to moderate-income families, or pay a fee. Integral Communities chose to donate the land and subsidize the development so the inclusionary units were built as part of the overall project.

"We applaud Integral Communities for deciding to build affordable housing within the community, as opposed to paying an in-lieu fee," said Jim Schmid, Chelsea's founder and CEO. "As the first inclusionary project to be built in the city of Oceanside, this is an important milestone and we hope it inspires other developers to integrate affordable housing within their new projects."

A total of 379 homes will be built at Mission Lane, located on formerly vacant property adjacent to the historic Mission San Luis Rey off Mission Avenue. Beazer Homes, a prominent national homebuilder, is now building market rate for-sale housing on several planning areas within the development.

Chelsea's Villa Storia affordable community will include 12 one-bedroom, 20 two-bedroom, and six three-bedroom units ranging from 550 to 1,000 square feet. Two three-story buildings designed in Spanish Colonial styling will be surrounded by open space, including walkways and benches. Amenities include a tot lot and children's play area, community room, and generous onsite parking.

Families that earn 50 to 60 percent of the San Diego County Area Median Income (AMI) qualify to rent the units. Leasing activity will start this summer, with move-ins anticipated this fall.

Chelsea is a familiar name in San Diego's North County, having recently broken ground on Juniper at The Preserve, its fourth affordable new community in the city of Carlsbad. Upon completion of those 64 walk-up apartments, Chelsea will have built 416 homes in Carlsbad for low-and moderate- income families.

For more information, visit www.chelseainvestco.com.

ABOUT CHELSEA INVESTMENT CORPORATION

Since 1984, Chelsea has developed 9,215 units of affordable housing at a cost in excess of $1.5 billion. The firm's development portfolio includes urban infill, mixed-use, suburban inclusionary, acquisition rehab and rural developments. Approximately 20 percent of the units developed by Chelsea serve specialized populations, including seniors, farm workers, homeless households, and individuals with physical and developmental disabilities. The company is one of the few fully integrated affordable housing developers in the region that offers turnkey development, general contracting and property/asset management services. Chelsea is a long-term owner and operator and maintains a portfolio in excess of 5,000 affordable housing units. For more information, please visit www.chelseainvestco.com.