AMCAL Newsletter

September 2011 Amcal Times Vol.8, No.3

Royale grand opening

WESTMINSTER – Mayor Margie Rice and Orange County Supervisor Janet Nguyen hosted the grand opening for the “Royale” family apartments on May 19. The City awarded the site to AMCAL via an RFP.

“I’m happy to tell people this is the best affordable housing development in our city. This development provides a dramatic improvement to the area with attractive and affordable housing. Congratulations for successfully creating this wonderful new community for Westminster families,” Mayor Rice said.

The 36-unit apartment on a 1.2-ac. site has a Contemporary Spanish exterior designed by Withee Malcolm (Torrance) and includes secure, podium parking.

Royale includes a courtyard with a trellis, barbecues and picnic tables. Units are reserved for households with 30-60% AMI. The site is located near Hoover Park, Schmitt Elementary School, an OCTA bus line, pharmacy and market.

Project value is $17,727,000. Union Bank provided the tax-credit equity ($9,436,000), construction loan ($10,366,000), and permanent loan ($2,595,000). The City RDA contributed $5,544,000.

AMCAL General Contractors completed the development on time and within budget. Non-profit partner is Foundation for Affordable Housing (San Juan Capistrano). LifeSTEPs provides supportive services.

Cordova grand opening

SELMA – Mayor Ken Grey hosted the grand opening for the “Cordova” family apartments, AMCAL’s fourth development in Fresno County.

The 81-unit apartment on a 5.6-ac. site has a Spanish adobe exterior designed by The Vincent Co. (Fresno).

Cordova includes a pool, children’s play area and community building with a computer lab. Units are reserved for households with 30-60% AMI. The site is located near Selma High School, Selma Library, a health clinic, pharmacy and market.

Project value is $14,830,000. U.S. Bank provided the construction loan ($7,699,000), and Citibank provided the permanent loan ($2,256,000). Fresno County contributed $1,833,000 and the RDA contributed $750,000.

AMCAL General Contractors completed the development on time in a quick 12 months and within budget, which included the onsite recycling of large amounts of buried concrete debris.

Non-profit partner is Better Opportunities Builder. LifeSTEPs provides supportive services for residents.

Santa Fe grand opening

BAKERSFIELD – Mayor Harvey Hall, RDA Chairman Larry Koman, and RDA Executive Director Donna Kunz hosted the grand opening for “Santa Fe,” AMCAL’s first development in Kern County and sixth in the San Joaquin Valley. The mixed-use development replaces a dilapidated motel as part of the redevelopment of Union Avenue.

The 56-unit apartment with street-front retail on a 2.6-ac. site has a Spanish adobe exterior designed by The Vincent Co. (Fresno).

Santa Fe includes a pool, children’s play area and community building with a computer lab. Units are reserved for households with 30-60% AMI. The site is located by a Golden Empire bus route, McKinley School, Lowell Park, a pharmacy and market.

Project value is $11,673,000. California Bank & Trust provided the construction loan ($2,900,000), and California Community Reinvestment Corp. provided the permanent loan ($1,485,000). City contributed $2,400,000 in RDA and HOME funding.

AMCAL General Contractors completed the development on time in a quick 12 months and within budget.
Non-profit partner is Las Palmas Foundation. LifeSTEPs provides supportive services for residents.

Partnership for HOPE

AMCAL and its non-profit social services provider LifeSTEPS will hold its first fundraiser event on Sat., Sept. 10, at the Andalucia Heights apartments in the Westlake neighborhood of Los Angeles.

All donations to “Partnership for H.O.P.E.” (Housing Opportunities and Personal Empowerment) will directly benefit the 6,500 tenants in our 23 partner communities, including educational (college scholarships, textbooks), economic stabilization (rental assistance, financial counseling), and special programs (medical bills, social services).

Donors are invited to the Community Fair with games and tours and an Awards Luncheon, at which scholarship awardees will be honored.

“AMCAL makes the dream of affordable housing possible, and LifeSTEPS sustains that dream by empowering individuals and communities to thrive. Together, we create HOPE,” AMCAL CEO Percy Vaz said.

AMCAL will match the first $25,000 donated by the company’s friends and partners. Already, AMCAL and LifeSTEPS have “shattered” that milestone with $110,000 in contributions.

Details

Company News

New Hires

Harsh Mehta - Senior Project Manager (Finance Dept.).
Edward Underwood - Super-intendent (Construction Dept.).
Andrea Cleveland - Purchasing manager (Construction Dept.).
Sierra Atilano - Asset Manager.

Conferences

LOS ANGELES - Executive VP Maurice Ramirez hosted a tour on transit-oriented development for the Southern California Leadership Network at AMCAL's "Avenue 26 Master Plan," on Jun. 24.

TCAC allocations

AMCAL has received 4 allocations for tax credits thusfar in 2011:

Mission Villas (San Diego): 85-unit family apartment next to Trolley station and historic Mission Brewery replaces a parking lot.

Funding: CDLAC 4%, San Diego Housing Authority, San Diego Redevelopment Agency.

Project value: $25,925,000.
Allocation: $13,298,000.

Park Place (Lynwood): 99-unit family apartment in southeast Los Angeles County replaces rundown commercial and vacant land.

Funding: TCAC 9%, Lynwood Redevelopment Agency, HOME.

Project value: $22,703,000.
Allocation: $7,870,000.

Avenida Villas (uninc. Anaheim): 29-unit special needs apartment in Orange County replaces rundown office, partnership with A Community of Friends to provide supportive services.

Funding: TCAC 9%, Orange County, Sect. 8, MHSA (State of California).

Project value: $11,041,000.
Allocation: $4,355,000.

MacArthur (Oakland): 32-unit family apartment replaces vacant land.

Funding: TCAC 9%, Oakland RDA, County of Alameda, Sect. 8 (Oakland Housing Authority).

Project value: $11,326,000.
Allocation: $3,967,000.

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