Montecito Terraces replaces old apartments in the San Fernando Valley of Los Angeles with a new senior development on two sites in Panorama City.
Montecito consists of 98 units, primarily with 1- bedroom apartments for low-income seniors. Con- struction is three levels of Type V wood over Type I concrete semi-subterranean parking with 112 spac- es. Site area is 1.9 sf (50 dua).
The Mediterranean-inspired design complements the historic area architecture.
Montecito is near an MTA Rapid bus route on Van Nuys Blvd., Blythe St. Park, The Plant shopping center, the Casa Esperanza community center, pharmacies and health clinics.
Montecito was financed with a $13,391,380 alloca- tion of 9% Low-income Housing Tax Credits in 2009, conventional debt and public funds from the Prop. 1C Infill Infrastructure Grant fund, ARRA fed- eral stimulus fund, Los Angeles Housing Dept., and Los Angeles CRA.
100% affordable: 10 units – 30% AMI, 10 units – 40% AMI, 48 units – 50% AMI, 16 uni
Property type: Affordable
Year Built: 2011
No. Units: 98
Developer: AMCAL Multi-Housing
Contractor: AMCAL General Contractors
Architect: Van Tilburg, Banvard & Soderbergh