Affordable housing stakeholders assess the coming year.
Many of the issues that have been vexing affordable housing developers will remain into early 2023, with hopes that financial conditions will gradually improve as the year goes on. Rising interest rates, escalating construction costs, and a slowing economy continue to be the key concerns as a tumultuous 2022 turns into a new year.
Bank of America has provided $228 million in construction lending and equity investment to support AMCAL Multi-Housing, Inc. in financing Somis Ranch Farmworker Housing Community, a 360-unit affordable multifamily community for low-income farmworkers and their families in unincorporated Ventura County, California. In addition to building an energy-efficient community and providing impactful resident services at no cost to the residents, AMCAL will build a state-of-the-art wastewater treatment facility to serve the project in this remote location.
