Lisa Layne @ Nelson & Gilmore
AMCAL Multi-Housing Saves the City of Rancho Palos Verdes $519,457 with the Successful Completion of Mirandela Senior Housing Development
Agoura Hills, CA, December 14, 2011 – In a recent dramatic presentation to the City Council of Rancho Palos Verdes, AMCAL Multi-Housing returned $519,457.00 to the City as a result of cost savings from the Mirandela Senior Housing development. Construction was completed on the 100% affordable project in December 2010.
At the November 15 City Council Meeting was Rancho Palos Verdes Mayor Pro Tem Thomas D. Long, alongside City Manager Carolyn Lehr, Councilmembers Douglas W. Stern, Brian Campbell, and Stefan Wolowicz. Darin Hansen, Vice President of Forward Planning and Entitlements at AMCAL Multi-Housing announced the significant savings to the City.
"The construction of Mirandela was one of the most significant achievements in the City in my eight years on Council,” said Rancho Palos Verdes Mayor Pro Tem, Thomas D. Long. “It provided high quality affordable housing for seniors, meeting an underserved demand in the City that also produced an excellent facility that came in yielding savings of over half a million dollars to the City – we are so grateful to AMCAL for their work on this development."
The 34-unit housing development is financed with an allocation of $7,273,000 in 9% Low-Income Housing Tax Credits in 2009, and City of Rancho Palos Verdes RDA funds, which allowed for significant tax credits from the state. The cost to build the property totaled $12, 969,000.
“We are thrilled that we were able to save money for the City,” says Percy Vaz, CEO of AMCAL Multi-Housing. “Because AMCAL is a vertically integrated company with significant experience in all facets of real estate development, we were able to gain efficiencies not available to other companies.”
Mirandela is the first affordable community in Rancho Palos Verdes. The Mediterranean-
Mirandela earned significant news in 2011 with the announcement of the SAGE Award for “Project of the Year”. The Award was granted from the Southern California Building Industry Association’
For more information about Mirandela from AMCAL Multi-Housing, please visit http://www.amcalhousing.com/
Starting far left to right. Stefan Wolowicz, Councilmember;
About AMCAL Multi Housing, Inc.
Based in Agoura Hills, CA, AMCAL Multi-Housing, Inc. has developed quality housing throughout California since 1978. In recent years, AMCAL has focused on the workforce -housing sector, including family and senior apartments, as well as for-sale housing in emerging urban neighborhoods. Nationally recognized for its expertise in workforce housing, AMCAL has received honors from leading magazines and associations including Multifamily Executive for Editors’ Choice and Project of the Year – Best Mixed-Income, as well as NAHB for Innovation in Workforce Housing. The value of AMCAL developments currently under construction exceeds $136 million. Since 2003, AMCAL has been awarded over $392 million in low-income housing tax credits. Since 1995, AMCAL and AMCAL General Contractors have built 45 workforce housing developments, representing over 3751 units. As a third party general contractor, AMCAL General Contractors can provide developers with the resources and leadership they need to build homes on time and within budget. Additionally, AMCAL is currently looking for new land for affordable multi-family developments of 40+ units. For land acquisition information, please contact Mark Morgan (email@example.com or 818-706-0694 x176). For more information on AMCAL, please visit www.amcalhousing.com.
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