The City of San Diego provided a $17.6 million loan for the construction of Alpha Square and owns the land, which is subject to a 70-year ground lease. The project will benefit from 135 section 8 vouchers provided by the San Diego Housing Commission which will allow the tenants to pay no more than 30% of their income, and the federal government will pay the balance of the monthly rent. Rental assistance will stay with the unit when an occupant moves out.

Alpha Square was recently honored as San Diego's best affordable project in 2015 by the leadership of the Building Industry Association of San Diego County (BIA), who also recognized Chelsea Investment Corp. as San Diego's 2015 Builder of the Year.

Last month, Chelsea Founder and CEO Jim Schmid was presented with the BIA Chairman's Award for starting the "Housing You Matters" initiative, an effort to achieve regulatory relief and to improve affordability across the spectrum of housing.

Schmid, who founded Chelsea in 1984, currently presides over what is ranked as the nation's 16th largest developer of affordable housing. The firm's local portfolio includes housing for families with special needs, as well as homes for low-income seniors and the homeless.

"Alpha Square is a model of collaboration between public and private interests to help ease the plight of homeless San Diegans," said Schmid, who noted that Alpha Square will remain affordable to very low- and extremely low-income renters for 55 years.

Since 1984, Chelsea has developed 7,681 units of affordable housing at a cost in excess of $1.4 billion. The firm's development portfolio includes urban infill, mixed-use, suburban inclusionary, acquisition rehab and rural developments. Approximately 20% of the units developed by Chelsea serve specialized populations, including seniors, farm workers, homeless persons, and individuals with physical and developmental disabilities.