Montecito Groundbreaking
PANORAMA CITY – Councilman Tony Cárdenas hosted the groundbreaking for AMCAL’s second development in the San Fernando Valley, the “Montecito Terraces” senior apartments, on May 20. The 98-unit apartment on two sites is 3 levels of residential over a garage for 90 spaces. It includes 2 courtyards with children’s play areas. Units are reserved for households with 30 -60% AMI. The site is located near Hoover Park, Schmitt Elementary School, an OCTA bus line, pharmacies and markets and is part of the revitalization of Blythe Street.
Project value is $24,123,000. Hudson Housing Capital provided the tax-credit equity ($9,708,000). U.S. Bank funded the construction loan ($10,417,000) and permanent
loan ($3,912,000).
Montecito received a $13,392,000 allocation of 9% tax credits in 2009. Los Angeles CRA provided $3,800,000 in funding, and the LAHD provided $1,988,000. Grant funding included $3,033,000 from Prop. 1C IIG and $849,000 from ARRA stimulus.
Non-profit partner is Las Palmas Foundation (Encinitas). Van Tilburg, Banvard and Soderbergh (Santa Monica) designed the Spanish/Mediterranean.
Team members include Matt Segerdal, Project Manager, and John Severino, Construction Manager.
Photo: Councilman Tony Cardenas, District #6, Lux Vaz, AMCAL; Percy Vaz, AMCAL; Duran Viegas, CRA; Margarita de Escontrias, CRA; Maurice Ramirez, AMCAL; Tim Elliot, LAHD; Al Santillanes, CRA; Matt Segerdal, AMCAL; Gerald Gubatan, CRA.
Cordova groundbreaking
SELMA – AMCAL began construction on its fourth development in Fresno County, the “Cordova” family apartments, in March. The $14,830,000 development will include 81 units on Stillman St. It received a 9% tax credit allocation of $10,089,000 in 2008 and was funded with the Section 1602 exchange program.
Cordova is located near Selma High School, Selma Public Library, a health clinic, a pharmacy, and a grocery market.
U.S. Bank funded a construction loan of $7,699,000. Citibank funded a permanent loan of $2,256,000. Selma RDA funded $1,000,000, and County of Fresno HOME funded $1,833,000. Non-profit partner is Better Opportunities Builders (Fresno). Architect is The Vincent Co. (Fresno).
Team members include Craig Smith, Director of Development; Frank Chang, Project Manager; andCandice Nesbit, Construction Manager.
Photo: Nia Sibley, Office of Sen. Dean Florez; Mayor Dennis Lujan; George Finley, Better Opportunities Builders; Maurice Ramirez, AMCAL; Roberta Araki, City of Selma; Eileen Neely, Fresno Housing Authority; Tom Blankenship, AMCAL.
South L.A. tax credit award
The “Sunrise Apartments” in South Los Angeles received an allocation of $6,019,000 in 9% tax credits in the first round of 2010, which is AMCAL’s 39th tax credit award since 1996. Construction of the 46-unit senior apartment will begin in Jan. 2011. Sunrise is AMCAL’s 4th development in South Los Angeles, following Casa Figueroa, Las Brisas, and Casa de Angeles, and replaces old apartments.
Councilmember Jan Perry supported funding requests to several public agencies, including the L.A. Housing Dept., CRA, County of Los Angeles (City of Industry), and Prop. 1C IIG (State of California), to meet the growing need of housing for seniors in District #9.
Sunrise is located near MTA Local and Rapid Buses, South Park, the Hubert Humphrey Medical Center, and a market.
Withee Malcolm (Torrance) designed a Craftsman-inspired building to mesh with the character of the old Los Angeles neighborhood. Non-profit partner is Las Palmas Foundation (Encinitas). LifeSTEPs will provide supportive services for residents. Financial partners include Hudson Housing Capital for equity ($4,515,000), and Citibank for construction loan ($4,643,000) and permanent loan ($1,482,000).
