AMCAL News Articles

June 29, 2010

Affordable Housing Planned

By Gregory J. Wilcox, Staff Writer, Los Angeles Daily News

An Agoura Hills developer is building an affordable-housing project in Panorama City and seven others around the state, using $112.4 million in government and private-sector funding.

Amcal Multi-Housing Inc. received nearly $85 million through the sale of low-income housing tax credits to a variety of Fortune 500 companies and the California Community Reinvestment Corp. The credit allows investors to reduce their annual tax bill. Work has begun on all of the projects, including Montecito Terraces, a 98-unit senior housing complex under construction at 14655 W. Blythe St. Completion of the Panorama City project is expected in May.

Qualifying residents can earn no more than 30 percent to 60 percent of the area’s median income to qualify for residency in the complexes. For information, go to www.amcalhousing.com.

“There is a waiting list in many cases, particularly in Los Angeles,” said Amcal President and CEO Percival Vaz said. “We are pre-leased even before the projects are completed.”

The National Association of Home Builders estimates the Amcal projects will create nearly 400 fulltime construction jobs and 155 permanent positions once the developments are completed.

Four of the projects are being built in Los Angeles County, two are in Fresno County and the others are in Orange and Kern counties.

Vaz said the developments are replacing underutilized space and dilapidated buildings and will be built using sustainable, energy-efficient materials.

Lynn Jacobs, director of the California Department of Housing and Community Development, said the rental complexes will help boost the economies where they are located.

“Housing does not just provide shelter. It also creates jobs, revives local economies and builds stronger communities,” she said in a statement.

Amcal began focusing on affordable housing in 1988 and has built about 3,500 units in California.

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