CHOC Kicks Off Second Affordable Housing Effort in Coachella
Nonprofit affordable housing developer, Community Housing Opportunities Corporation (CHOC), was recently awarded $22.6 million in financing to begin construction of the Coachella Valley Apartments. It is the second affordable housing project CHOC has announced in the Coachella Valley this year.
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 Ave. 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.
“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.
The award was announced by the California Tax Credit Allocation Committee. 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. Additional project costs are supported by $1 million in Riverside County HOME Funds, a $3.8 million Coachella CFD loan and USDA Rural Development financing.
The development was designed by Maria Song, principal with the Palm Springs-based architectural firm Interactive Design Corporation.