CHOC Awarded $22.6 Million in State Funding to Build Affordable Housing in Coachella

PALM DESERT, Calif. - June 25, 2021 - PRLog -- Community Housing Opportunities Corporation (CHOC), a non-profit affordable housing developer, has been awarded $22.6 million of financing to begin construction of the Coachella Valley Apartments, which will bring new affordable housing units to Coachella.

The development, which has a total cost of $35.3 million, initially replaces 20 existing units and adds 36 new units on 2.97 acres at 84900 Bagdad Avenue in Coachella. The 56-unit project, which will include one-, two-, and three-bedroom apartments, is expected to break ground in December. CHOC's efforts, along with the support of its funding partners, will ensure the property is no longer at risk of being converted to market-rate apartments and remains affordable to the families who need it most. It is the second affordable housing project CHOC has announced in the Coachella Valley this year.

"CHOC has long focused on the housing needs of struggling families in the Coachella Valley and remained focused on this region even as the global pandemic presented unforeseen challenges," said Vincent Nicholas, Vice President of Real Estate Development for CHOC. "This funding comes as part of a highly competitive process, and CHOC's ability to provide a high-quality, high-impact solution to the growing housing shortage in desert communities has proven a worthwhile investment for Californians."

The award was announced by the California Tax Credit Allocation Committee (CTCAC), which oversees federal and state low-income housing tax credit programs. Much of the project's remaining costs are funded by a $5 million Joe Serna Farmworker Grant, a program that deploys funding to support housing for farmworkers and their families in rural areas.  Additional project costs are supported by $1 million in Riverside County HOME Funds, a $3.8 million City of Coachella CFD loan and USDA Rural Development financing.

"We have an obligation to build affordable housing. What pleases us is that it's one thing to say we are for affordable housing, it's another to get the funding necessary to make it happen. This award gets us closer to realizing our goal of constructing these much-needed units," said Coachella Mayor Steve Hernandez.

"We are grateful that our families will have access to additional affordable housing opportunities and excited to see state investments support this vital local project," added California Assemblymember Eduardo Garcia, who represents the 56th district where the project is located. "The affordable housing shortfall has placed a heavy burden on residents, leaving many families to choose between housing payments and other essentials such as food and healthcare. This CHOC project demonstrates what can be accomplished to help alleviate this crisis when we work together as Californians."

https://www.chochousing.org/