AMCAL Press Release

Montecito Terraces Will Add 98 Senior Apartments to Panorama City

(May 2010)

AGOURA HILLS, CALIF. (MAY 18, 2010) – On May 20, AMCAL Multi-Housing Inc., one of California’s leading builders of affordable and low-income housing, will celebrate the groundbreaking of Montecito Terraces, Los Angeles’ newest 98-unit senior affordable housing development. The event begins at 8:30 a.m. Los Angeles City Councilman Tony Cárdenas, whose district includes Panorama City where Montecito Terraces is located, will give the keynote address. Also attending the groundbreaking will be AMCAL CEO Percy Vaz. AMCAL Vice President of Operations Maurice Ramirez and Al Santillanes from the Community Redevelopment Agency of the City of Los Angeles.

Showcasing a Mediterranean-inspired design by Van Tilburg, Banvard & Soderbergh, Montecito Terraces is located on two sites across the street from one another. One site will have 29 units while the other will have 69 units. In total, Montecito Terraces will consist of 78 one-bedroom and 20 two-bedroom apartments. In addition to community amenities including an open recreation courtyard, pool, outdoor garden terraces, and two community rooms with a kitchenette and lounge, Montecito Terraces will offer seniors a variety of complimentary social services, including computer training, education, legal referrals, tax preparation referrals, and health and nutrition programs.

“Senior citizens face many challenges today, one of which is limited income, making affordable housing even more important for maintaining their quality of life,” said Vaz. “We are excited to begin construction on Montecito Terraces, which will not only provide residents with an affordable residence, but will also offer free access to social services.”

Replacing older apartment buildings, Montecito Terraces is a 100 percent affordable building and is AMCAL’s second affordable housing development in the San Fernando Valley. Twenty-eight units will be dedicated to households who earn 60 percent of the Area Median Income (AMI), 48 units will be reserved for 50 percent AMI, 20 units will be reserved for both 40 percent and 30 percent AMI, and two unit will be reserved for on-site staff. Apartments will range in size from 528 sq. ft. to 771 sq. ft.

Conveniently located near an MTA Rapid bus route and Blythe Street Park, Montecito Terraces is also a short distance from The Plant shopping center, the Casa Esperanza community center, pharmacies and Mission Community Hospital.

As AMCAL’s first LEED Silver certified development, Montecito Terraces will implement many green building practices. To conserve water, drought tolerant and native plants will be used in the community’s landscaping, while high-efficiency and low flow toilets and faucets will be installed in each apartment. To reduce waste, unused construction material will be recycled. Locally-produced products will also be used where possible.

Throughout the state, affordable housing is having a positive impact on each city. The construction of Montecito Terraces is anticipated to create up to 342 jobs in local Panorama City businesses, 179 full-time construction jobs and 500 local short-term construction jobs.

Montecito Terraces is financed with an allocation of over $13.3 million in nine percent Low-Income Housing Tax Credits in 2009, conventional debt and an impressive collaboration of public funds from the Proposition 1c Infill Infrastructure Grant fund, American Recovery Reinvestment Act federal stimulus fund, Los Angeles Housing Department and the Community Redevelopment Agency of the City of Los Angeles. Equity is provided by Hudson Housing Capital, and the construction and permanent financing lender is U.S. Bank. Montecito Terraces is scheduled for completion in 2011.

“Montecito Terraces is an excellent example of the public and private sectors working together for a common goal – to provide high quality, affordable housing for our residents,” said Cárdenas. “We are happy to work with AMCAL to bring this development to our community and look forward to its grand opening next year.”

In addition to multiple apartment developments for low-income families and seniors, AMCAL is currently under construction on five new tax-credit projects that were awarded in 2009 and three tax-credit projects awarded in 2008. These developments include Mirandela, Rancho Palos Verdes’ first affordable housing development, and Mosaic, 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 31 affordable housing developments, representing over 3000 units. As a third party general contractor, AMCAL General Contractors can provide affordable housing 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
jmalicse@nelsongilmore.com

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