AMCAL to Develop Two L.A. Affordable Housing Communities with Help from TCAC Funds
- Aug 21, 2012
Agoura Hills, Calif.—AMCAL Multi-Housing, a Calif.-based builder of workforce and affordable housing, is building two new apartment developments in the Los Angeles area with funding assistance from the California Tax Credit Allocation Committee (TCAC).
The TCAC funding will be used by AMCAL to finance the Argyle Apartments, a 40-unit development in Hollywood, and the Terracina Apartments, a 72-unit community in South Los Angeles.
“These units are really needed in all of California where you have a big affordable living gap on what some can afford for housing,” Arjun Nagarkatti, AMCAL’s president, tells MHN. “Programs like this enable subsidized rents and these complexes look and feel like any other market rate complex so you wouldn’t be able to distinguish an affordable housing from any other.”
The Argyle Apartments will consist of 40 apartment units, providing high quality affordable housing with modern amenities and on-site services.
“They will be one-, two-, and three-bedroom apartment units with modern kitchens and bathrooms, balconies and on site laundry facilities,” Nagarkatti says. “All for rents 30-50 percent of the median income.”
Designed in a contemporary art deco style, the Argyle Apartments will also offer a large outdoor courtyard, a tot lot for children and a 1,400-square-foot community room that hosts a computer room and kitchenette. Job training and a nutritional program will both be provided by social services.
The Terracina Apartments will consist of 72 multifamily units within the jurisdiction of the Housing Authority of the County of Los Angeles. The one-, two- and three-bedroom apartment units will provide contemporary living for residents with patios overlooking the large landscaped park, storage space, modern kitchens and bathrooms.
“It will also help leverage additional public investments through economic development incentive programs in the area,” Nagarkatti says. “This helps contribute to the ongoing revitalization and redevelopment of the area.”
The Terracina Apartments will also designate 15 units to Transitional Age Youth (TAY), and will provide community support and wrap around services for emancipated foster children that may otherwise end up homeless.
As with all AMCAL developments, both apartment developments will include complimentary social services from LifeSTEPS that include computer training, job skills training, ESL classes, health nutrition programs and parenting classes.
“Our success in receiving these awards is a result of our ability to develop adequate soft funding, which made our applications competitive and demonstrated a readiness to proceed with the development,” says Percival Vaz, AMCAL’s chief executive officer. “We have also been able to secure equity investors and permanent lenders enabling us to move forward, whereas with the economy still struggling other developers without strong backgrounds and investor relationships have had to give up their allocations.”
Construction on both developments is set to begin this fall.