AMCAL hosted its second fundraising event for the “Partnership for HOPE” on Sept. 8 in Los Angeles.
Pacific Western Bank was the Platinum sponsor with a donation of $25,000, and AMCAL donated $10,000.
Other partners contributed generously for a total of $130,000. Silver Level: U.S. Bank, FPI Management, Union Bank, Chase, Western Seniors Housing. Bronze Level: California Bank & Trust, Pacific Coast Civil, Novogradac & Co., Las Palmas Foundation, Portrait, Sullivan Curtis Monroe, Enterprise Foundation, Hudson Housing Capital, Green Dinosaur, WASH, Criterion Brock, AMPCO Demolition, Southland Lighting, Angus Asphalt, Holiday Carpet.
Beth Southorn of LifeSteps said, “The hundreds of you out there that make this happen, you are the wind beneath their wings. You change the world with your Partnership.”
All proceeds directly help LifeSTEPS provide important social services for residents of AMCAL’s communities. This year, 12 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.
“Thanks to our partners who allowed us to do this, our labor of love,” said AMCAL CEO Percy Vaz. “It’s better to teach the world to fish, than to feed them for a day. Our hope and expectation is, and we look forward to, you giving back with your own time.”
Isaac Arriaga, a scholarship winner who attends Pasadena City College, said, “These are great people here who have my back. There are great people around the world like you that want to help. I’m glad to know these people are here for me. I’m blessed and grateful.”
SAN DIEGO – Mayor Jerry Sanders helped AMCAL welcome a new LEED Gold community in the North Bay-Mission Hills neighborhood, the 85-unit Mission apartments. The family housing is located on a 1.5-ac. site next to the historic Mission Brewery and the Washington Street trolley station, which provides convenient transportation to downtown.
“Anytime we can open affordable housing, it’s good for San Diego, and it’s good for our communities,” Sanders said. “Mission has not only helped to contribute to the diversity of San Diego’s urban core, it has also helped generate jobs for the region.”
The RDA provided $6,000,000 in funding, and the Housing Commission also provided $6,000,000. Total project cost is $25,925,000 with a 4% tax credit allocation of $9,049,000 in 2011. Las Palmas Foundation is the non-profit development partner.
Bank of America provided equity ($8,958,000) and construction loan ($1,344,000). California Community Reinvestment Corp. provided the permanent loan ($5,400,000).
Councilman Todd Gloria was thankful: “What I know is that affordable housing actually lifts up neighborhoods. It actually makes them better… I hope we can do many more like this. We have 30,000 families on our waiting list… We need to do more, and I’m game to help you.”
Mission is AMCAL’s second development in San Diego, following the completion of Los Vientos in the Barrio Logan neighborhood in 2009 (winner of San Diego Housing Federation “Project of the Year”). Withee Malcolm is the architect.
AMCAL had a strong local hiring program with Rev. Ricky Laster of Multi-Cultural Contractors Group: “It’s an honor and a privilege to be part of this. A lot of people say they want to see diversity, but it comes first with an owner that is willing to make it work and not just give lip service.”
Richard Gentry, CEO, said the Housing Commission recently completed an investment of $95,000,000 in bonds in 810 affordable units throughout San Diego: “We spread the money that far because of partnerships like we have with AMCAL and other folks in town to help additional people in the city… We’re very proud of this.”
Resident Rohit Juneja said, “Thank you very much for creating affordable housing, especially for those of us that are getting our lives onto new tracks and starting making new beginnings. It’s a wonderful chance to have such a place. It has a very positive energy. It’s great to have a place like this.” See video of the grand opening: http://www.youtube.com/watch?v=zJP_i-yQcRY
LOS ANGELES – Renovation of the historic Linda Vista Hospital campus began in March with work on the old nurses’ dormitory. The two-phase project will convert the dormitory and larger hospital building into 100 senior affordable units at the 3.5-ac. site in Boyle Heights.
The first phase of 23 units is funded with a 2011 allocation of 4% housing tax credits and historic tax credits. LAHD funded $4,214,000. Project value is $8,934,000.
Killefer Flammang (Santa Monica) is the architect. Non-profit partner is East Los Angeles Community Corp.LifeSTEPs will provide supportive services.
AT Village at Cypress (Houston): AMCAL is received its first tax credit allocation in Texas in July. 162 units will be built in a main 3-story building in the middle and 7 1-story buildings along the frontages on a 7.2-ac. site. Total area is 145,100 sf. Project value is $xx,000,000. The community amenities include a center with a fitness room, theatre, conference room, card room and cabanas. Individual garages will be built for parking.
Texas has one application round per year, which occurs in March, so we are kicking up our heels and rounding up more sites to submit in 2013.
James Cocks - Asst. Project Manager (Finance)
Kashfia Haque - Asst. Construction Manager
Karl Huff - VP of Construction
Floyd Jenner - Construction Manager
Nadia Litovskaya - Asst. Asset Manager
Dan McDowell - Construction Manager
Renee Noggle - Project Accountant
Luis Torrico - Project Manager (Finance - Irvine ofc.)
Housing in L.A.
Despite several years of falling home prices, housing still remains out of reach for many middle income residents in Los Angeles, threatening the region's economic competitiveness, according to a report to be released in Oct. by the Los Angeles Business Council.
The report, authored by UCLA real estate professor Paul Habibi, found that the average 1-bedroom rental price of nearly $1,800 a month is one-third more than what the median household can afford. And the median income earner can only afford a house worth about $200,000, well below the August county median price of $350,000. Only New York and San Francisco have lower levels of affordability.
The report also said that the county is not producing enough new housing. While 22,500 new units are required each year to keep up with population growth, this year, only 13,100 units are being developed -- a 40% deficit. "The demise of redevelopment agencies has exacerbated this shortfall," he said.
The biggest shortage is in workforce housing for middle-income earners, with household incomes between $42,000 and $64,000. "These households fall into a housing 'donut hole' by earning too much to qualify for subsidized affordable housing, but too little to afford the high-end market-rate housing preferred by developers."
As a result, middle-income earners are leaving the county for more affordable housing markets, making it more difficult for companies to find quality employees.
AMCAL in Texas
AMCAL received an allocation to build its first affordable apartment in Texas - "AT Village at Cypress" in Houston.
The senior community has 162 units with individual garages, and Texas-sized amenities that include a conference room, lounge, fitness room, and pool. Project value is $20,421,000, and tax credit allocation is $14,840,000.
AMCAL received 2 allocations for tax credits in Round 1 of 2012:
Argyle (Los Angeles): 40-unit
The Mercado apts. in Perris received an AHP award of $590,000 from the Federal Home Loan Bank of San Francisco. Bank sponsor is XXX. Mercado includes 60 family units and will begin occupancy in May 2012. It is designed to achieve LEED Platinum certification.