Amcal Unveils $25M Affordable Housing Project

Amcal notes that five of the residents who were displaced by the Villas del Lago redevelopment moved into new apartments at the new complex, while three others used relocation assistance to buy their first homes. Many residents of the new apartments had been living in the immediate neighborhood before moving into Villas del Lago.

Percival Vaz, president and CEO of Amcal, notes that the Westlake/MacArthur Park area where Villas del Lago is located was the location of some of the first residential communities in Los Angeles. The project financing included nearly $17 million in 9% low-income housing tax credits.

The project was developed by Amcal and its nonprofit partner, Women Organizing Resources, Knowledge and Services. The equity, construction and permanent financing for the project totaled $33 million. The financing was provided by SunAmerica Affordable Housing Partners, Chase Community Development Banking, California Community Reinvestment Corp., Los Angeles Housing Department and the Federal Housing Financing Board's Affordable Housing Program. The general contractor for the development was Amcal General Contractors.

As a 100% affordable development, Villas del Lago has 20 units dedicated to households that earn 60% of the area median income, 37 units reserved for 50% AMI, eight units are for 40% AMI and eight units for 30% AMI, with one unit for an on-site manager.

To help lower living costs for residents, the complex features energy efficient appliances and design as well as a green interior courtyard. It was constructed according to building standards designed to improve indoor air quality, reduce harmful emissions and use recycled building materials.