By Real Estate Biz Now
It looks like none of us will be able to retire until we’re in our 80s, so we now we’ll have a place to hang out in those later years. Agoura Hills-based AMCAL is breaking ground Dec. 13 on Sunrise, a 46-unit seniors workforce apartment development at 5111 Main St. in South LA.
The 100% affordable building replaces an underutilized commercial corridor site, and will offer residents computer training, legal preparation referrals, and other social services through LifeSTEPS. Sunrise will also boast LEED Silver cert. It’s being financed with a $6M allocation of low-income housing tax credits.
LA City councilwoman Jan Perry helped AMCAL obtain funding from the CRA and the LA Housing Department, totaling another $6.5M. Hudson Housing Capital provided equity, and the construction and permanent financing lender is Citibank.