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Palm Springs’ First Affordable Housing in a Decade Goes Ahead
The first affordable housing complex in Palm Springs in more than 12 years is moving forward. Monarch Apartment Homes, a 60-unit affordable housing community, is expected to be completed in 2023.
Under development by Community Housing Opportunities Corporation (CHOC), the project serves as an example of how the affordable housing challenge can be solved in cities throughout the state.
“It has been stated that housing is a human right,” said Manuela Silva, CEO of CHOC. “Affordable housing allows residents to live in cities that they would not otherwise have been able to afford. As a result, residents have better school choices.”
In partnership with the city under a Disposition Development Agreement, CHOC will develop the land with rental apartments consisting of one-, two- and three-bedroom units. The project is financed by California Municipal Finance Authority, Palm Springs, the county of Riverside, Flagstar Bank, the California Community Reinvestment Corporation, California Tax Credit Allocation Committee and California Debt Limit Allocation Committee.
- ◦Development
