Chelsea Investment Corporation & the CMFA Bring Senior Affordable Housing to Bakersfield

Chelsea Investments and the CMFA recently partnered on a tax-exempt financing for a senior affordable housing project. Proceeds of the bonds will assist in the construction of a 61-unit (plus one manager’s unit) apartment building known as Mill Creek Courtyard Apartments in the City of Bakersfield. Construction is scheduled to begin within the next 30 to 45 days. The 61-unit  project is targeted for seniors aged 55 years or older with incomes of 50% to 60% of Area Media Income. The 3-story building will offer residents a common community kitchen, computer room, community gardens, green space, and secure covered parking.  Chelsea Investments anticipates that the one and two-bedroom units will be ready for occupancy in early 2015.

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