AMCAL Grows in 2011 Despite Weak Economy

AGOURA HILLS, Calif., Jan. 4, 2012 /PRNewswire/ -- AMCAL Multi-Housing, Inc., one of California's leading builders of affordable and workforce housing, has announced a number of accomplishments in 2011, including a 20% staff addition to the homebuilder's team. In addition, this past November, AMCAL won the coveted SAGE 2011 "Project of the Year" Award for its work on the Rancho Palos Verdes Mirandela Apartments, and has begun a major commitment to create sustainable neighborhoods with the introduction of AMCAL/LifeSTEPS Partnership for HOPE Fund.

"In 2012, AMCAL will offer our municipal and state partners an unmatched set of capabilities," says AMCAL CEO Percival Vaz. "Our focus includes a vertically integrated organization that delivers significant cost efficiencies, broad experience in all forms of real estate development, a market leading commitment in green building techniques, and a broad range of social services to ensure that tenants can function successfully within an AMCAL community."

With 40 projects completed to date, AMCAL continues to be an innovator by linking shelter with social services to enhance the lives of residents, and has contributed to the restoration of impacted neighborhoods by providing stable housing alternatives.

In partnership with LifeSTEPS, a non-profit provider of social services, AMCAL launched the multi-year Partnership for HOPE effort to provide residents with free programs, scholarships, and emergency assistance to help families in need. The initial event raised $110,000, including a $25,000 matching grant from AMCAL.

Another AMCAL development that made headlines in 2011 was the 34-unit Mirandela development that enabled AMCAL to return $519,457.00 to the City of Rancho Palos Verdes as a result of cost savings efforts. The cost to build the property totaled $12,969,000.

In early December, AMCAL hosted the Grand Opening of the Mosaic housing development, adding 56 apartments and retail to the Pico-Union District.

AMCAL is currently under construction on three new tax-credit developments that were awarded between 2009 and 2011. These include the Sunrise senior apartments located in South Los Angeles, and Mercado, a 60-unit family development in Perris. AMCAL is also building Mission Villas, an 85-unit community in San Diego directly adjacent to the Washington Street trolley station. Recently completed developments that have been fully leased include Mosaic, a mixed-use workforce development in Los Angeles and Montecito Terraces, a Los Angeles development that received American Recovery & Reinvestment Act Federal Stimulus funds.

For more information on AMCAL, please visit www.amcalhousing.com.  

SOURCE AMCAL Multi-Housing, Inc.