State awards $21 million to build The Monarch Apartment Homes in Palm Springs

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City's First Affordable Housing Complex in 12 years moves forward

PALM SPRINGS, Calif. - eTradeWire -- Community Housing Opportunities Corporation (CHOC), a non-profit affordable housing developer, has been awarded $21 million to move forward with the construction of The Monarch Apartment Homes, a 60-unit affordable housing community located in Palm Springs. The $29 million complex, which is the city's first affordable housing complex to be built in 12 years, will break ground in the fourth quarter of 2021.

The award was announced today jointly by the California Debt Limit Allocation Committee (CDLAC) and the California Tax Credit Allocation Committee (TCAC).

"CHOC has been unwavering and tenacious in pushing this forward in the midst of a global pandemic," emphasized Vincent Nicholas, Vice President of Real Estate Development for CHOC. "It has been a true labor of love totally focused on creating equitable communities throughout the Coachella Valley and this funding pushes this 60-unit development from theoretical to a reality."

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The CHOC Monarch Apartment Homes development was selected after a rigorous and competitive process that is designed to make sure projects meet specific guidelines for developers seeking affordable housing tax credit access. The program facilitates the investment of private capital into the development of affordable housing. In essence, corporations provide equity to build this housing in return for the tax credits.

Located on a 3.62-acre vacant parcel of land at the southeast corner of N. Indian Canyon and San Rafael Drive, CHOC is developing the one-, two-and three-bedroom apartment homes in partnership with the City.

"We know that too many working families in the Coachella Valley are unstably housed, making impossible decisions every month between paying for housing and other necessities such as healthcare, healthy food, and childcare. By bringing more units of quality affordable housing to the region, the Monarch Apartments expand access to safe, stable, and affordable housing to more families," emphasized Taylor Libolt Varner, Regional Affordable Housing Planner for Lift to Rise, a Coachella Valley based non-profit organization dedicated to solving the underlying causes of poverty and inequality in the region, one of which is the lack of affordable housing. "We are grateful to CHOC, the City of Palm Springs, and everyone involved for investing in Coachella Valley families through this development."

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The development, which was designed under the direction of Maria Song, AIA, LEED & AP, principal with the Palm Springs based architectural firm Interactive Design Corporation, is expected to break ground in late 2021.

Source: Community Housing Opportunities Corporation
Filed Under: Non-profit, Real Estate

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