Community Housing Opportunities Corp. will soon open Monarch Apartment Homes, a 60-unit fully affordable housing community in Palm Springs, Calif.
Monarch Apartment Homes will be the first affordable housing property to open in Palm Springs in the last 14 years, according to CHOC. The community will cater to low-income families and individuals earning between 30 and 60 percent of the area median income.
The developer broke ground on the project in late 2021 on a 3.6-acre vacant parcel of land owned by the City of Palm Springs Successor Redevelopment Agency, with davisREED Construction Inc. serving as general contractor. The building was designed under the direction of Maria Song with Interactive Design Corp. and HKIT Architects.
The $36 million project received financing from different sources, such as the California Municipal Finance Authority, the City of Palm Springs, the County of Riverside, Flagstar Bank, the California Community Reinvestment Corp., California Tax Credit Allocation Committee and California Debt Limit Allocation Committee.
California Municipal Finance Authority has provided a $23.4 million construction loan, according to Yardi Matrix data. Other financing includes $21 million in combined Federal and State Tax Credits, $3.4 million from the City Land and Affordable Housing Funds and approximately $500,000 in county funds.
The President of Sterling Asset Management Co., the property management arm of Community Housing Opportunities Corp., has recently told Multi-Housing News that when speaking about resolving California’s affordable housing crisis, it comes down to supply and demand, and simply building more.
An affordable community with sustainability features
Designed with sustainability as a key component, Monarch Apartment Homes features indoor and outdoor electric systems, efficient windows and appliances, a double insulation system including framing with blown insulation and rigid insulation, reflective surfaces and cool roofs that reflect about 76 percent of the sunray away from the building for added sustainability.
The community comprises 12 buildings with one-, two- and three-bedroom floorplans. Common-area amenities are set to include a business center, a community room, a playground, barbeque areas, laundry facilities, walking paths and approximately 70 parking spaces.
Located at 3290 N. Indian Canyon Drive, the community is within in the Upper Westside One Palm Springs neighborhood. The property is near Interstate 10, which provides direct access to downtown Los Angeles.
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