AMCAL News Articles

March 16, 2010

Boston Capital Invests in California Developement

By Donna Kimura, Affordable Housing Finance

Boston Capital has invested in Summer Hill Place, a 50-unit affordable housing development that will be built by AMCAL Multi-Housing, Inc., in Fresno, Calif.

The firm provided low-income housing tax credit equity, while Boston Capital Finance provided a $4.5 million construction loan and a $1.5 million permanent loan.

Summer Hill Place will be built on two parcels located within 500 feet of one another and will include 28 two-bedroom and 22 three-bedroom units in four two-story buildings. The apartments will be available to residents at 60 percent or less of the area median income.

The development will feature a 1,330-square-foot community building, which will contain a management and leasing office, a maintenance and storage room, a computer center where education classes will be held, a laundry facility, and a community room with a kitchen. Community amenities will also include a playground, barbecue and picnic areas, bicycle racks, and a carport for each unit.

Summer Hill Place exceeds Title 24 Energy Efficiency standards by at least 15 percent. Units feature CRI Green Label Plus carpeting and finish materials, including ceramic tiles in kitchens and bathrooms in lieu of vinyl or other artificial products.

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