Chelsea Investment Corporation seeks funding for 80-unit affordable housing project in Clear Lake

Affordable housing took center stage at the Clearlake City Council meeting on August 3, 2023, as officials discussed a significant project proposed by Chelsea Investment Corporation. The council is working to secure financing for an ambitious plan to build 80 affordable housing units on Eighteenth Avenue, near Clear Adventist South Lake Hospital.

City officials highlighted the challenges of obtaining funding, particularly through state grants, due to the project's location on state-owned land. However, recent changes in state regulations may improve the project's chances of securing necessary tax credits. The council has been actively collaborating with state representatives to navigate these hurdles.

Teresa Pukalski and Lorenzo Alvarez from Chelsea Investment Corporation addressed the council, expressing gratitude for the city's support and outlining their funding strategy. They emphasized their commitment to the project, noting that if they do not secure the current funding, they have alternative sources lined up, including the state home fund and future tax credit applications.

The proposed development will feature a mix of one, two, and three-bedroom units, designed to accommodate families with incomes ranging from 30% to 60% of the area median income. Plans also include community amenities such as a community room, laundry facilities, and outdoor spaces for families.

As the council deliberates, the urgency is palpable, with a funding application deadline approaching on August 14. The outcome of this project could significantly impact the availability of affordable housing in Clearlake, addressing a pressing community need.