Amcal Debuts $25M Affordable Housing Project

LOS ANGELES-Amcal Multi-Housing Inc. of Agoura Hills, CA has unveiled its latest affordable housing project, a 49-unit, family-oriented apartment project called Casa de Angeles at 4900 S. Figueroa St. that was developed with $24.9 million in equity and debt financing from a variety of sources. The new complex, which replaces old homes and commercial buildings on the development site, is earmarked for families earning 30% to 60% of the area median income.

The Casa de Angeles complex features 23 two-bedroom units, 14 three-bedroom units and 12 four-bedroom units, along with common area amenities that include a large courtyard with open space and a community room. Financing for the project included $10.1 million in 9% low-income housing tax credits. The overall financing package comprised equity, construction and permanent loans totaling $24.9 million by SunAmerica Affordable Housing Partners, California Bank & Trust and the Los Angeles Housing Department.

Amcal developed the complex in a venture with its nonprofit partner, Women Organizing Resources, Knowledge and Services. The building was designed by Van Tilburg, Banvard & Soderbergh, with Amcal General Contractors as the general contractor.

Percival Vaz, president and CEO of Amcal, notes that Casa de Angeles will provide free social service programs to residents including after school programs and educational classes. The new apartment complex is Amcal’s third project to open in South Los Angeles, following the 49-unit Casa Figueroa at 78th and Figueroa streets and the Las Brisas complex at 88th and Main streets.

Amcal, in addition to developing apartments for low-income families and seniors, is under way on for-sale work force housing projects that include West Angeles Estates, a development of 50 three-story single-family, detached townhomes at the corner of West 94th Street and South Broadway Avenue in South Los Angeles. Construction is slated to commence early 2009, with models and sales opening late 2009.