Chesley Mutual Housing, completed in 2005, is another CHDC project that significantly upgrades North Richmond's affordable rental opportunities. After the project completes its 15-year tax credit financing period, CHDC also plans to set up a mutual housing ownership structure that will invite residents to serve on the property's board of directors and possibly hold a collective ownership stake.
CHDC and Eden Housing, Inc. co-developed the 30-unit development at 802 Chesley Avenue in partnership with the City of Richmond's Redevelopment Agency. The architectural firm of Kodama Diseño created a lively and colorful design for the complex, with well-defined shapes and skillfully mixed arrangements of unit sizes and exteriors. The buildings center around an enclosed, sunny courtyard with a lawn and play structure for small children. A 1,900 square foot community building at the front of the complex houses the management office, resident services office and a spacious community room.
The apartments and townhouses at Chesley are rented at rates affordable to families earning up to 30%, 40%, and 50% of the area median income. This means that a family of three living at Chesley will typically will earn between $22,000 and $38,000 annually.
The $9.8 million development was financed by funds from the Richmond Development Agency, the City of Richmond, state of California bond financing, and the Low Income Housing Tax Credit Program. U.S. Bank issued the tax-exempt bond and Apollo Housing Capital Corporation is the tax credit investor.
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