CYPRESS, TX-AMCAL Multi-Housing, a Southern California developer of workforce and affordable housing projects, has entered Texas. Its first project will be the 162-unit AT Villages at Cypress, a mixed-income, senior housing development.
A spokeswoman with AMCAL tells GlobeSt.com that construction on the project will begin in a couple of weeks on 7.2 acres at Huffmeister Road and Cypress Corner. The plan for the senior housing project is to offer 111 one-bedroom units and 51 two-bedroom units, with most of the units reserved for households earning between 30% and 60% of the Harris County area median income. There will also be 15 units available at market rates, without affordability restrictions.
The development is being financed with help from an allocation of $14.8 million in 9% Low-Income Housing Tax Credits and conventional mortgage financing. Bank of America NA is providing both construction and permanent loans and equity financing. The Harris County Finance Corp. is also providing construction financing to the development.
“We are thrilled to take our unique set of skills and over 25 years of experience developing quality affordable housing in California to the Texas market,” said Percival Vaz, CEO of AMCAL in a press release. “We are delighted to take our team into other parts of the country to help resolve the shortage of affordable housing.”
AMCAL’s spokeswoman says the company is working on another Texas development, but nothing has been finalized at this time. AMCAL completed four projects in Southern California during 2012, including the $27 million Mission Apartments in San Diego. In addition to AT Villages at Cypress, AMCAL has eight more projects under construction.