AMCAL Newsletter

January 2011 AMCAL Times Vol. 8, No. 1

Andalucia Grand Opening

LOS ANGELES – Councilman Ed Reyes hosted the groundbreaking for AMCAL’s 13th development in LosAngeles, the “Andalucia Heights” family apartments, on Dec. 9.

The 75-unit apartment on two sites is 4 levels of residential over a garage for 76 spaces. Van Tilburg, Banvard and Soderbergh (Santa Monica) designed the contemporary architecture. Five public funding sources were structured to achieve feasibility.

“These are momentous occasions,” Reyes said. “Folks like AMCAL and WORKS… I know it wasn’t easy for them.”

Andalucia includes two courtyards with children’s play areas. Units are reserved for households with 30-60% AMI. The site is located near MacArthur Park, Gratts School, Good Samaritan Hospital, MTA bus lines, pharmacies and markets and is part of the revitalization of the Westlake neighborhood.

Project value is $24,742,000. Hudson Housing Capital provided the tax-credit equity ($10,138,000). Chase funded the construction loan ($9,238,000), and California Community Reinvestment Corp. funded the permanent loan ($2,680,000).

Andalucia received a $13,340,000 allocation of 9% tax credits in 2008. Los Angeles Housing Dept. provided $5,355,000, State of California HCD provided $4,327,000 via one of the first allocations of Prop. 1C IIG, and Los Angeles County provided $2,000,000 via City of Industry.

Reyes called the development team “knights in shining armor” for contributing to the revitalization of the neglected neighborhood, which includes new schools, a large park, and bus lines: “All these different entities making sure this came together to become an affordable facility. Families can now walk to school and have a core family life.

Tim Elliott of LAHD said, “AMCAL came in, turned this around and got tax credits right out of the box. I’m amazed to see the transformation.”

The waiting list was 1,000 applicants for Andalucia’s 75 units. “We’re able to fund great projects like this,” Bobbette Glover of L.A. County CDC said. “We get so many calls from people who are desperate, but it’s so wonderful to have an impact. We’re all chipping away at that need.”

Eugene Li of the State’s Housing and Community Development Dept. said “It’s all of our decision to great things like this”.

Construction cost was an efficient $330,000 per unit, and AMCAL General Contractors completed the development on time and within budget.

Non-profit partner is W.O.R.K.S. (Los Angeles). LifeSTEPs will provide supportive services for residents.

“We gratified that we can deliver housing to so many families,” AMCAL CEO Percival Vaz said. “We feel very blessed that we were able to pull off so many new homes for them.”

Sunrise Groundbreaking

LOS ANGELES – Councilwoman Jan Perry hosted the groundbreaking for AMCAL’s 16th development in Los Angeles, the “Sunrise” senior apartments, on Dec. 13.

The 46-unit apartment is 4 levels of residential over a garage for 25 spaces. Withee Malcolm (Torrance) designed the Craftsman architecture, which meshes with the design of nearby historic houses. It replaces rundown apartments, and is part of the revitalization of the South Los Angeles neighborhood.

“I look forward to an excellent grand opening,” Perry said. “We’ll start another one as soon you get this one done.”

Sunrise includes a landscaped courtyard with barbecue and seating areas. Units are reserved for
households with incomes ranging from 30-60% AMI. The site is located near South Park, Hubert Humphrey Medical Center, MTA bus lines, pharmacies and markets.

Sunrise is the first groundbreaking of AMCAL’s developments funded in 2010, and seven other
developments are currently under construction. “Our goal is simple – to build as many affordable developments and homes for people who are desperate for them,” AMCAL CEO Percival Vaz said. “No matter how many we build, there will always be a need for more.”

Entitlements included Density Bonus incentives that allowed high-density residential in a Commercial zone on a large boulevard near mass transit and amenities. The design is LEED Gold certified. Project value is $13,243,000. Hudson Housing Capital provided the tax-credit equity ($4,935,000). Citibank funded the construction loan ($4,142,000) and permanent loan ($920,000).

Sunrise received a $6,019,000 allocation of 9% tax credits in 2010. LAHD provided $2,203,000, Los Angeles CRA provided $890,000, and State of California HCD provided $2,038,000 via Prop. 1C IIG. AMCAL’s non-profit partner is Las Palmas Foundation (Encinitas). LifeSTEPs will provide supportive services for residents.

Details

Company News - Media

AMCAL CEO Percival Vaz was selected to "Who's Who in Real Estate" by the Los Angeles Business Journal on Aug. 30. Vaz stated that he works in real estate because "it's entrepreneurial, creative, exciting and fills a great public need by providing affordable housing, which is especially critical here in Los Angeles."

Awards - Los Vientos

“Los Vientos” was honored as “Best Reuse of Land” by Multifamily Executive magazine at its awards ceremony in October.

CEO Percival Vaz accepted the nationwide award in Las Vegas.

AMCAL and its non-profit partner Las Palmas Foundation developed the 89-unit affordable apartment in the emerging Barrio Logan neighborhood with public funding from the city’s RDA. The neighborhood desires affordable housing to retain its working-class character. The neighborhood has objected to industrial uses and junkyards next to residences, and Los Vientos replaced a marine industrial facility and a junkyard.

Los Vientos also won “Project of the Year (50+ units)” award from the San Diego Housing Federation. The San Diego RDA also received the Government Partner Award for its work on Los Vientos. AVRP Studios is the architect.

Leasing

Royale family apts. (Westminster,Orange Co): (877) 386-1777 x7
Santa Fe family apts.(Bakerfield): (877) 386-1777 ext. 1.
Cordova family apts. (Selma-Fresno Co.): (877) 386-1777 ext. 6.
Summer Hill family apts.(Fresno): (877) 386-1777 ext. 2.
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