A $3.6 million loan by the City of Long Beach to a regional developer will be used to help acquire a Downtown property for a new affordable housing project that will offer 100 apartment units for low- and very low-income residents.
“This funding action continues our urgent work to increase the city’s housing stock and create opportunities for apartment homes for community members who currently meet low-income criteria,” said Mayor Rex Richardson. “We appreciate every opportunity to work with developers to help ensure that Long Beach has safe, quality affordable places to live.”
Facilitated by the Long Beach Development Services Department, the City’s nonprofit affiliate The Long Beach Community Investment Company (LBCIC) awarded the loan earlier this spring to AMCAL Multi-Housing Inc. to help buy the property at 946 Linden Ave. AMCAL, based in Agoura Hills, is planning to construct a new four-story apartment building on the 1.16-acre site that will provide a mix of one-, two- and three-bedroom units.
“The LBCIC enthusiastically continues to appreciate development opportunities like this one that will provide needed housing for our residents and workforce,” said LBCIC Chair Mary Castro. “Developers like AMCAL are valuable partners and truly exemplify how the City remains committed to bringing people and communities together.”
The project is to feature amenities that include a community room, fitness area, computer center, tot lot, courtyard and barbecue area as well as 125 underground parking spaces. The property is at the site of the First Lutheran School at the corner of 10th Street and Linden Avenue near St. Mary Medical Center. Construction is expected to begin in late 2024.
“We welcome the chance to work again with a responsible partner like AMCAL to build a new affordable housing project here in the Downtown area,” said First District Councilwoman Mary Zendejas. “This project is an example of our ongoing efforts to develop more housing and we look forward to when families will be able to call this project their home.”
AMCAL is a prominent developer of affordable and market-rate apartment dwellings in the Los Angeles area and beyond for more than 40 years. In 2021, the developer completed Las Ventanas, a mixed-use 102-unit housing development near the Blue Line Station at Pacific Coast Highway in Midtown Long Beach. AMCAL also completed Urban Village, a market-rate apartment community in Downtown Long Beach in 2015.
“AMCAL appreciates receiving a loan from The Long Beach Community Investment Company for this project,” says Percy Vaz, AMCAL’s CEO. “The loan is a key component of the capital stack that will help bring this new affordable housing community to fruition.”
Earlier this year, the Long Beach City Council adopted the proclamation of a local homelessness emergency to strengthen the City’s preparedness and ability to respond to homelessness, including moving quickly and efficiently to expand housing for low-income residents to help ensure they do not fall into homelessness.
“We are fortunate to have the financial resources available to partner with developers of affordable housing,” said Meggan Sorensen, manager of the Department’s Housing and Neighborhood Services Bureau. “We are ready to assist in bringing this prospective project forward to construction and completion.”
For more information on the City’s affordable housing and assistance programs, the community can visit longbeach.gov/lbds.