AMCAL News Articles

June 4, 2009

AMCAL Completes Panorama City Affordable Housing Development

By RenTV

A new 55-unit family affordable apartment development in the northeastern San Fernando Valley community of Panorama City just opened to the public. The project, Villas Las Americas, is a development of Calabasas-based AMCAL Multi-Housing Inc, one of California’s largest builders of affordable and low-income housing.

Designed by Los Angeles-based ARCHeon Group Inc, Villas Las Americas is an urban infill development on a formerly vacant 0.8-acre site. Representing AMCAL’s first completed project in the San Fernando Valley, Villas Las Americas offers 12 two-bedroom units, 27 three-bedroom units and 16 four-bedroom units. It features a courtyard, tot lot and community clubhouse.

“Today affordable housing plays an important role in the development of every community,” said Percy Vaz, president and CEO of AMCAL. “We are pleased to open Villas Las Americas, which brings much needed housing to Panorama City while providing residents with services that will help enhance their lives.”

Financed with over $13.3 mil of 9 percent low-income housing tax credit, Villas Las Americas cost over $19 mil to build. Equity, construction and permanent loans totaling $27.4 mil by SunAmerica Affordable Housing Partners, Chase Community Development Banking, California Community Reinvestment Corp and Los Angeles Housing Department allowed AMCAL and its non-profit partner W.O.R.K.S. to build the project. AMCAL General Contractors was the general contractor on the development, and completed the community on time and within budget.

As a 100 percent affordable development, Villas Las Americas has 17 units dedicated to households that earn 60 percent Area Median Income (AMI), while 21 units are reserved for 50 percent AMI, eight units are reserved for 40 percent AMI, eight units are reserved for 30 percent AMI, and one unit is reserved for an onsite manager.

To help lower living costs for residents, Villas Las Americas features energy efficient appliances and design as well as a green interior courtyard. The development also exceeds California’s Energy Efficient Standards for Residential and Nonresidential Buildings by 15 percent. To improve indoor air quality, AMCAL used interior paint with no volatile organic compounds (VOCs). In addition, AMCAL used the Carpet and Rug Institute’s Green Label low-VOC carpet and pad, which help to reduce VOCs and emissions while also contributing to the growing use of recycled content for building materials.

Tenants will have access to a variety of complimentary services, including after school programs and educational classes courtesy of LifeSTEPS, a non-profit provider of social services for residents of affordable housing in California.

Villas Las Americas is conveniently located near The Plant shopping center and along a Rapid Bus route on Van Nuys Blvd. Several public elementary and middle schools are also located within one mile of the development.

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