BY DEBRA GRUSZECKI STAFF WRITER April 17, 2013; 02:52 PM
AMCAL Multi-Housing on Tuesday, April 16, celebrated the grand opening of Portola Terrace, a 45-unit affordable housing complex in the Old Town section of Temecula.
The Spanish Mediterranean-styled development was described as a classic example of a housing development that suits the needs of a region in transition.
It was 100 percent leased weeks before it opened.
AMCAL chief executive Percy Vaz told city officials the Agoura Hills-based company is proud of the partnership with the city of Temecula to make construction of the LEED-Gold certified multi-family apartment complex possible.
The units, leased to households earning 50 to 60 percent of the area median income, include Title 24 energy standard features, like water-saving fixtures, no-VOC interior paint and energy-efficient appliances. An on-site community room offers residents of Portola Terrace space to relax, entertain, visit a computer room or partake in social service-related classes or seminars from LifeSTEPS.
The grounds include a community swimming pool, barbecue and tot lot.
“This is one more piece to transform Old Town into a hub for working families and young professionals,” Mayor Pro Tem Maryann Edwards said in a statement. “They are the heart and soul of Temecula, and communities like this keep us moving forward.”
Portola Terrace, located on Pujol Street, was built with a mixture of funding and tax credit allocations — some of which included $5.5 million in construction and permanent financing by the city of Temecula. The total cost of the project was $13 million.
For AMCAL, Portola Terrace is one of 33 affordable housing developments — representing 3,000 units — the company has built since 1995. Since 2003, AMCAL has been awarded over $350 million in low-income housing tax credits.
HOMEBUILDER CONFIDENCE WANES
Rising building materials costs. Slimmed-down labor force and developed lot availability.
Those conditions were blamed for the U.S. homebuilders’ confidence level in the single-family home market to drop for the third time in April.
The National Association of Home Builders/Wells Fargo Housing Market Index released April 15 measured a two-point slide to 42 from March. Any number above 50 means most homebuilders view conditions favorably.
NAHB chief economist David Crowe said builders are feeling squeezed by higher costs and limited availability issues. “Supply chains for building materials, developed lots and skilled workers will take some time to re-establish themselves following the recession,” he said.
Where was the West in all of this?
Regional scores showed the West slipped three points to 55 — staying on the optimistic side of the index. The Northeast was unchanged at 38 in April. The Midwest region’s confidence level fell two points to 45. The reading in the South dropped four points to 42.
At the height of the last decade’s building bubble, readings were in the high 60s and low 70s.