An affordable housing project set to break ground later this year in Palm Springs was awarded $21 million by the state through a federal tax credit program, it was announced Thursday.
The 60-unit Monarch Apartment Homes is proposed for the southeast corner of North Indian Canyon and San Rafael drives on a 3.62-acre vacant parcel. Construction is expected to begin sometime between October and December.
The $29-million project will be the first affordable housing complex to break ground in Palm Springs in 12 years, according to Northern California- based affordable housing developer Community Housing Opportunities Corporation, which is spearheading the project.
“CHOC has been unwavering and tenacious in pushing this forward in the midst of a global pandemic,” said 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.”
The developer intends to build apartments spanning one, two and three bedrooms.
The funding stemmed from an affordable housing tax credit program that “facilitates the investment of private capital into the development of affordable housing” where “corporations provide equity to build this housing in return for the tax credits,” according to the developer.
Copyright 2021, City News Service, Inc.