AMCAL to Build 112 Affordable Housing Units in L.A.
AGOURA, CA - AMCAL Multi-Housing, one of California's leading builders of workforce and affordable housing , has just announced plans for two new, apartment developments in Los Angeles stemming from the recent funding from California Tax Credit Allocation Committee (TCAC). 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 development in South LA. Construction on both is set to begin this Fall.
"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," said Percival Vaz, chief executive officer of AMCAL. "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 ha...