Construction work is expected to commence on a $47 million affordable housing project in the city of Coachella, California, USA. The launch of the 105-unit affordable housing project is a culmination of years of state and city official lobbying for grant funds to develop a mixed-use housing project.
The project benefited from California’s “cap-and-trade” program, which funds commercial enterprises that seek to offset greenhouse emissions. These funds are given to states which then use them to build affordable housing that help the less fortunate and homeless communities.
In a recent virtual meeting, Coachella officials announced that they had broken ground on Pueblo Viejo Villas which is located at the northeast intersection of Cesar Chavez and Sixth streets. It is a dream come true in the city’s efforts to create affordable housing in downtown.
Up to $14 million were raised through the cap-and-trade funds, which is a culmination of five-year efforts to get development funding from the Affordable Housing and Sustainable Communities program.
Mayor Steve Hernandez in a statement said “This project, for us, represents, the fact that residents that are from lower socioeconomic means will get to enjoy that lifestyle, get to enjoy a higher quality of life.” He added that the project is a big investment that will help revitalize downtown.
The affordable housing project will include 50 one-bedroom apartments and 55 two- and three-bedroom apartments. In addition, the project will have a commercial section comprising of both retail and office space. The development will also include a bus hub that is expected to be complete in mid-2022.
A lot needs to be done to tap into cap-and-trade funding
According to Hernandez, the fact that Pueblo Viejo is the first project to be funded through cap-and-trade funding is an indication that a lot more need to be done in order to put the funds to optimal use.
