By Bob Howard, Globe St.
PANORAMA CITY, CA-Affordable housing developer Amcal Multi-Housing Inc. of Agoura Hills has unveiled its new 55-unit Villas Las Americas apartment complex in the San Fernando Valley, a project that is designed to accommodate families earning between 30% and 60% of the area median income. Designed by Los Angeles-based ARCHeon Group Inc., Villas Las Americas is an infill development replacing a vacant site of just less than one acre.
The complex features 12 two-bedroom units, 27 three-bedroom units and 16 four-bedroom units. It was financed with more than $13.3 million of 9% low-income housing tax credits and cost more than $19 million to build.
Loans for equity, construction and permanent financing totaling $27.4 million by SunAmerica Affordable Housing Partners, Chase Community Development Banking, California Community Reinvestment Corp. and Los Angeles Housing Department allowed Amcal and its nonprofit partner W.O.R.K.S. to build Villas Las Americas. Amcal General Contractors was the general contractor.
The new complex is located near The Plant shopping center and along a Rapid Bus route on Van Nuys Boulevard. Several public elementary and middle schools are also located within a mile of the development.
Tenants will have access to a variety of free services, including after-school programs and educational classes courtesy of LifeSTEPS, a nonprofit provider of social services for residents of affordable housing in California. In addition to its family units and other amenities, the new complex features a courtyard, a tot lot and a community clubhouse.
In addition to its recently completed development, Amcal has more than $370 million in projects under development.