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5/05/21
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Community Housing Opportunities Corporation (CHOC), a non-profit affordable housing developer, has been awarded $21 mil to move forward with the construction of The Monarch Apartment Homes, a 60-unit affordable housing community located in Palm Springs. The $29 mil 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 made jointly by the California Debt Limit Allocation Committee (CDLAC) and the California Tax Credit Allocation Committee (TCAC). 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. The development was designed under the direction of Maria Song, AIA, LEED & AP, principal with the Palm Springs based architectural firm Interactive Design Corporation.
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