AMCAL Newsletter

August 2012 Amcal Times Vol.9, No.2

Partnership for HOPE

This weekend! AMCAL will host its 2nd community fair and fundraiser for the “Partnership for HOPE” tenant assistance program this Saturday, Sept. 8. It will be held at AMCAL’s Avenue 26 community in Los Angeles.

Donations will directly help LifeSTEPS to provide important social services and educational scholarships for residents of AMCAL’s communities.

Last year, three college scholarships were awarded. Other assistance was for youth sports league fees, MCAT test fees, pharmacist license renewal fees, and rental assistance for unemployed families. One student scholarship winner from last year has a 3.4 GPA at CS Northridge; another is graduating with a BA in Sociology from CS Dominguez Hills; and a third is on track to graduate from CS Long Beach and also volunteers for the LifeSTEPS youth after school program at his apartment.

Information about this year’s event, and how last year’s tenant award recipients are faring: http://www.amcalhousing.com/partnership-for-hope/

LEED Platinum for Perris

PERRIS – Mayor Daryl Busch helped AMCAL open the Mercado apartments, welcoming new families to 60-unit apartment that is a cornerstone of the Downtown Specific Plan Area and achieved LEED Platinum certification. It is AMCAL’s 3rd development in Riverside County and replaces a 2.5-ac. vacant lot. A beautiful friendship is beginning between AMCAL and the City RDA to create the $15,001,000 development.

“It took a lot of work, but it’s worth it because the project that we have here is outstanding,” Busch said. “We’ll be proud of it for a very long time. We hope to see many more grand openings like this.”

Mercado was designed by Withee Malcolm Architects (Torrance) and provides a central landscaped courtyard with a pool, tot lot and barbecue grills. Here’s looking at you, Mercado…a beautiful Spanish style building that blends with the historic design of the community and includes an arcade that runs along D Street.

For LEED Platinum, solar water heating is used, and energy-efficient design exceeds Title 24 by shockingly high 49%. Mercado is located near an RCTC bus stop, Perris MetroLink station, Mercado Park, a medical clinic, and a market.

Times goes by, but 100% occupancy was achieved quickly in only one month by FPI Management. Non-profit partner is Las Palmas Foundation (Encinitas). LifeSTEPs provides supportive services for residents.

Mercado received an allocation of $7,286,000 in 9% tax credits in 2010. Financial partners include Union Bank for equity ($6,412,000), Chase for construction loan ($6,887,000), and CCRC for permanent loan ($1,758,000). The City RDA funded $6,832,000.

LEED Gold for Sunrise

LOS ANGELES – Councilor Jan Perry helped AMCAL open the Sunrise apartments, welcoming new seniors to 46-unit apartment that earned LEED Gold certification. It is AMCAL’s 14th development in Los Angeles and replaces a rundown apartment and demolished liquor store on a 19,000-sf site. AMCAL procured public funding from city, county and state sources for the $13,243,000 development.

“I am just elated to walk in here. I started in the garage… and coming up the elevator, I was smiling,” Perry said. “It’s exceeded my wildest expectations.”

South L.A. has a great need for affordable housing and the high density provides extra units for seniors in need (108 dua).

“These folks get it. They take up the challenge of building on a tight site, and build in units with mental health components,” said Tim Elliott, of the LAHD. “It’s always a pleasure working with you.”

Sunrise was designed by Withee Malcolm Architects (Torrance) and provides an eclectic central landscaped courtyard with a trellis and barbecue grills. The Craftsman design blends with the historic houses in the neighborhood. Sunrise is located near an MTA bus stop, 51st Street Park, Serra Library, Hubert Humphrey county medical clinic, and a market.

Non-profit partner is Las Palmas Foundation. LifeSTEPs provides supportive services for residents. Western Senior Housing is the property manager.

Sunrise received an allocation of $6,019,000 in 9% tax credits in 2010. Financial partners include Hudson Housing for equity ($4,935,000), and Citibank for construction loan ($4,142,000) and permanent loan ($920,000). Agency funding includes L.A. Housing Dept., L.A. CRA, L.A. County CDC, and State HCD (Prop. 1C infill).

Details

Company News

New Hires

Sean Flynn - Land Acquisition Manager (Irvine office).
Yelena Azovskaya - Contract Administrator (Construction Dept.).

TCAC allocations

AMCAL received 2 allocations for tax credits in Round 1 of 2012:

Argyle (Los Angeles): 40-unit family apartment near the Hollywood-Western Red Line subway station replaces a vacant lot.
Funding: Los Angeles CRA.
Project value: $16,821,000.
Allocation: $10,058,000.

Terracina (Los Angeles Co.): 72-unit family apartment replaces an old mobile home park.
Funding: Los Angeles County Community Development Comm.
Project value: $25,103,000.
Allocation: $13,747,000.

Panels

California Coalition for Affordable Housing: AMCAL President Arjun Nagarkatti spoke about the design and cost of construction on the "Inventing the Future" panel at the Spring Conference in Sacramento on Jun. 5.
Panelists: Jim Schmid, Chelsea; Geoff Brown, USA Properties; Patrick Sabelhaus, CCAH.

Media

"Creativity finds its place in senior housing market." Western Real Estate Business (Feb. 2012):
VP Darin Hansen explained that AMCAL has been innovative with cutting costs and providing amenities such as social services and technology to attract residents, in order to remain competitive with its senior housing in the face of the elimination of RDA funding.

AMCAL completed the award-winning Mirandela Apts. in Rancho Palos Verdes in 2010 and ended up returning construction cost savings to the City. In 2012, AMCAL will renovate the historic Linda Vista Hospital in eastern Los Angeles.

"Supporting LIHTCs" - Journal of Tax Credits (May 2011):
CEO Percival Vaz and President Arjun Nagarkatti explained that support from elected officials for continued federal tax credit funding can be garnered by including them in the development process. Many are impressed by the attractive designs, quality construction and new homes for their constituents who had previously lived in substandard housing.

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