During the recession, top-rate institutional investors continue to solicit AMCAL because of its track record of completing construction on-time and within budget. AMCAL has received 55 tax-credit allocations with a total value of $560,683,000 since 1995.
AMCAL’s affordable housing developments are financed primarily through state and federal low-income tax credits and bond financing. The application and selection processes for this funding is extremely complex and highly competitive, but AMCAL has been successful in winning awards of credits in every year since 1997. From 2003-10, AMCAL received among the highest total allocation of state and federal tax credits – nearly $770 million for 33 projects.
AMCAL maintains its track record in completing developments on time and within budget, which has resulted in long standing relationships with its financial partners. SunAmerica Affordable Housing Partners – one of the largest financial conglomerates in the world – regularly invested in AMCAL’s affordable projects, providing in excess of $200,000,000 in equity and debt investments. Other financial partners include Bank of America, Merrill Lynch, JP Morgan Chase, John Hancock Life Insurance, Verizon Capital, Edison Capital, Hudson Housing Capital, Union Bank of California, Citibank, Genesis L.A. Workforce Housing Fund, and Phoenix Realty Group.