AGOURA HILLS, CALIF. (JUNE 29, 2010) – On July 12, AMCAL Multi-Housing Inc., one of California’s leading builders of affordable and low-income housing, will celebrate the groundbreaking of Mosaic, Los Angeles’ newest mixed-use workforce housing development. The event begins at 10:00 a.m., with opening remarks from AMCAL Vice President of Operations Maurice Ramirez. Speakers will include Los Angeles City Councilman Ed P. Reyes, whose district includes the Pico-Union neighborhood where Mosaic is located, Leslie Lambert from the Community Redevelopment Agency of the City of Los Angeles, AMCAL CEO Percy Vaz, and AMCAL President Arjun Nagarkatti will also be in attendance.
Winning the approval of the surrounding community after proposals from two previous developers had failed, AMCAL collaborated with award-winning firm Killefer Flammang to design an attractive multi-use development that showcases Craftsman-inspired architecture that complements the historic neighborhood. With two street-level retail spaces along Pico Boulevard, Mosaic features 56 affordable housing units for families and seniors, including 37 one-bedroom apartments, one two-bedroom apartment and 18 three-bedroom apartments.
“Mosaic’s unique intergenerational mixed-use design allows families, seniors and local businesses to benefit from this development,” said Vaz. “We are excited to be a part of Pico-Union’s revitalization and look forward to Mosaic’s grand opening in 2011.”
Amenities include two community rooms with kitchenettes, laundry facilities, a lounge, fitness center, tot lot and barbeque area. Mosaic residents will have access to a variety of complimentary social services, including computer training, job training, ESL classes, health nutrition programs and parenting classes.
A 100 percent affordable building, Mosaic will have units dedicated to households who between 30 and 60 percent of the Area Median Income (AMI). Apartments will range in size from 600 sq. ft. to 1,250 sq. ft. with estimated rent between $395-$851 based on unit size and household income.
Conveniently located near an MTA Rapid bus route and Berman City Park, Mosaic is also a short distance from an elementary school, markets, pharmacies and health clinics.
To help lower living costs for residents, Mosaic features Energy Star rated appliances. The community also exceeds California’s Energy Efficient Standards for Residential and Nonresidential Buildings by 15 percent. To improve indoor air quality, AMCAL used interior paint with no volatile organic compounds (VOCs). In addition, AMCAL used the Carpet and Rug Institute’s Green Label low-VOC carpet and pad, which help to reduce VOCs and emissions and contribute to the growing use of recycled content for building materials.
Mosaic is financed with an allocation of over $13.7 million in nine percent Low-Income Housing Tax Credits in 2009, conventional debt and public funds from the Los Angeles Community Redevelopment Agency, State of California Infill Infrastructure Grant, American Recovery & Reinvestment Act and the Los Angeles Housing Department. Equity is provided by Hudson Housing Capital, and the construction and permanent financing lender is U.S. Bank.
“With Downtown Los Angeles’ entertainment district located close to Pico-Union, many opportunities have been created for this neighborhood to flourish,” said Reyes. “AMCAL recognizes the potential of this neighborhood and the construction of Mosaic will only further Pico-Union’s future development.”
Mosaic is scheduled for completion in the Fall of 2011. Amcal General Contractors is the general contractor.
In addition to multiple apartment developments for low-income families and seniors, AMCAL is currently under construction on five new tax-credit developments that were awarded in 2009 and three tax-credit developments awarded in 2008. In addition to Mosaic, these developments include Mirandela, Rancho Palos Verdes’ first affordable housing development, and Montecito Terraces, a Los Angeles development that received American Recovery and Reinvestment Act federal stimulus funds. Tax-credit investors include Bank of America Merrill Lynch, JP Morgan Chase, Hudson Housing Capital and Union Bank of California.
In 2009, AMCAL completed new affordable housing communities in San Diego, Oakland, Eastern Los Angeles and Palmdale. Since 1996, AMCAL has completed 31 communities with 3,178 units, valued at $576 million dollars.
ABOUT AMCAL MULTI-HOUSING, INC.
Based in Agoura Hills, CA, AMCAL Multi-Housing, Inc. has developed quality housing throughout California since 1978. In recent years, AMCAL has focused on the affordable housing sector, including family and senior apartments, as well as for-sale housing in emerging urban neighborhoods. Nationally recognized for its expertise in affordable housing, AMCAL has received honors from leading magazines and associations including Multifamily Executive for Editors’ Choice and Project of the Year – Best Mixed-Income, as well as NAHB for Innovation in Workforce Housing. The value of AMCAL projects currently under construction exceeds $136 million. Since 2003, AMCAL has been awarded over $350 million in low-income housing tax credits. Since 1995, AMCAL and AMCAL General Contractors have built 33 affordable housing developments, representing over 3000 units. As a third party general contractor, AMCAL General Contractors can provide developers with the resources and leadership they need to build homes on time and within budget. For more information on AMCAL, please visit www.amcalhousing.com.
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Contact: Joyce Malicse
Nelson & Gilmore
310.376.0296, ext. 13