AGOURA HILLS, Calif., June 23 /PRNewswire/ Federal, state and local agencies, and the American Recovery Reinvestment Act (ARRA), will contribute to funding over $112.4 million in development costs for the construction of eight communities, which, according to the National Association of Home Builders, will lead to the creation of 155 permanent new jobs and over 389 fulltime construction jobs.
Cities will benefit from these developments through much needed revenue from fees and permits, while local businesses are expected to grow from the purchase of building materials and the significant spending power of the new residents.
The eight projects, built by AMCAL Multi-Housing, Inc., span Los Angeles, Orange, Fresno and Kern counties. They include:
• Andalucia, a 75-unit family community in Los Angeles
• Mosaic, a 56-unit mixed-use community in Los Angeles
• Montecito, a 98-unit senior community in Panorama City
• Mirandela, a 34-unit senior community in Rancho Palos Verdes
• Royale, a 36-unit family community in Westminster
• Santa Fe, a 56-unit mixed use community in Bakersfield
• Cordova, an 81-unit family community in Selma
• Summer Hill, a 50-unit family community in Fresno
Over $84.9 million in Low-Income Housing Tax Credits was awarded to AMCAL to build these communities. Funding was provided by Bank of America, Chase, Boston Capital, California Bank & Trust, California Community Reinvestment Corp., Citibank, Enterprise Community Investment, Hudson Housing Capital, U.S. Bank and Union Bank of California.
Additional funding from federal ARRA stimulus, State of California Proposition 1C Infill Infrastructure Grant, County of Fresno, Los Angeles Housing Department, Los Angeles Community Redevelopment Agency (RDA), City of Rancho Palos Verdes RDA, City of Westminster RDA, City of Bakersfield RDA, City of Selma RDA, and City of Fresno RDA allowed AMCAL and its nonprofit partners to build these communities.
The developments replace underutilized space and dilapidated buildings, and will be built using sustainable materials and exceed energy efficiency standards. Residents who earn between 30 percent and 60 percent of the area median income qualify to live in these affordable apartments.
Since 1996, AMCAL has completed 31 projects with 3,178 units, valued at $578 million dollars. Since 2003, AMCAL has been awarded over $350 million in low-income housing tax credits. For more information visit www.amcalhousing.com.