New Developments in Hollywood and South Los Angeles Receive TCAC Funds
Agoura Hills, CA, August 8, 2012 – AMCAL Multi-Housing, one of California’s leading builders of workforce and affordable housing, has just announced plans for two new, apartment developments in Los Angeles stemming from the recent funding from California Tax Credit Allocation Committee (TCAC). TCAC funding will be used by AMCAL to finance the Argyle Apartments, a 40-unit development in Hollywood, and the Terracina Apartments, a 72-unit development in South LA. Construction on both is set to begin this Fall.
“Our success in receiving these awards is a result of our ability to develop adequate soft funding, which made our applications competitive and demonstrated a readiness to proceed with the development,” said Percival Vaz, chief executive officer of AMCAL. “We have also been able to secure equity investors and permanent lenders enabling us to move forward, whereas with the economy still struggling other developers without strong backgrounds and investor relationships have had to give up their allocations.”
The Terracina Apartments will provide 72 needed affordable, multi-family units within the jurisdiction of the Housing Authority of the County of Los Angeles. The development will help leverage additional public investments through economic development incentive programs in the area, thereby contributing to the ongoing revitalization and redevelopment of the area. The one-, two-, and three-bedroom apartment units offer contemporary living for residents with patios overlooking the large landscaped park, storage space, modern kitchens and bathrooms. Appliances will be energy efficient models to further reduce costs for residents and the surrounding area of the complex will include large walkways with barbecue areas, tot lot for children, and seating areas for parents and residents.
Terracina Apartments will include a 1,800 square foot community room with a large space for educational and social services programs along with a kitchenette. In addition to the critical need to house vulnerable, low-income families with children, Terracina will designate 15 units to Transitional Age Youth (TAY), and will provide community support and wrap around services for emancipated foster children that may otherwise end up homeless. Stable and supportive housing allows TAY residents to finish their education or secure long term, gainful employment.
The Argyle Apartments will provide 40 apartment units, providing high quality affordable housing with modern amenities and on-site services. The one, two, and three bedroom apartment units offer contemporary living for residents with balconies for private opens space, storage space and modern kitchens, bathrooms, and on site laundry facilities. All kitchens have Energy Star Appliances to minimize utility costs for residents. Additionally, Argyle Apartments will include a large outdoor courtyard, a tot lot for children along with seating areas. Argyle Apartments is designed in a contemporary art deco style, and will include a 1400-square foot community room that includes a computer room, kitchenette.
As with all AMCAL developments, both apartment developments will include complimentary social services from LifeSTEPS that include computer training, job skills training, ESL classes, health nutrition programs and parenting classes.
The convenient location of each development will provide resident access to a local high schools, public transportation, full service grocery, pharmacy, medical clinic and retail outlets, which are all located within walking distance.
Both development’s will be LEED Silver certified and exceed Title 24 energy standards by 17.5%. The projects will be subject to a minimum low-income use period of 55 years.
TCAC administers two low-income housing tax credit programs – a federal program and a state program. Both programs were authorized to encourage private investment in affordable rental housing for households meeting certain income requirements.
For more information on AMCAL Multi-Housing, please visit www.amcalhousing.com