Maureen Megowan's Blog

head_left_image

Mirandela senior apartment housing project opens in Rancho Palos Verdes

The Mirandela senior apartment housing project in Rancho Palos Verdes has now opened.  The following are excerpts from an article published today in the South Bay Daily Breeze written by Melissa Pamer Staff Writer. The entire article may be read at Rancho Palos Verdes Housing Project Opens

"This December, several months ahead of schedule, tenants began moving into the newly completed, 34-unit Mirandela senior housing project. All but one apartment is occupied. "The developer, Agoura Hills-based affordable home developer AMCAL Multi-Housing, never even had to promote the project.

"Residents of the $13 million complex must be 62 or older and must earn less than specified income amounts that are tied to each unit. Units include one and two bedrooms that range from 680 to 880 square feet Though some tenants come from Northern California or out of state, many are from the South Bay,"

 

"Monthly rents start at $324 and rise to $1,051, depending on the type of unit and the verified income of tenants, who have to earn at most between 30 and 60 percent of the median income for Los Angeles County. Mirandela officials said there's a waiting list for the units with the lowest-income restrictions .Maximum allowable income ranges from $17,400 to $34,800 for a single person. "  The developer can be reached at 818-706-0694.

"In 2000, Rancho Palos Verdes spent about $700,000 to purchase the nearly 20-acre vacant lot, which has about 3 developable acres. (The remaining 17 acres are now open space.)

Rancho Palos Verdes also subsidized the project, contributing a total of about $6.3 million, including the $2.9 million value at which the land had been reassessed. AMCAL got bank financing and won about $7.3 million in low-income housing tax credits from the state.

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

Comment balloon 1 commentMaureen Megowan • December 26 2010 06:42PM
Mirandela senior apartment housing project opens in Rancho Palos…
share
The Mirandela senior apartment housing project in Rancho Palos Verdes has now opened. The following are excerpts from an article published today in the South Bay Daily Breeze written by Melissa Pamer Staff Writer. The entire article may be read at… more
Merry Christmas Everyone!!
share
Merry Christmas from the 5 of us, Bruce, Maureen, Ryan, Brendan, and Kevin My husband Bruce, Me, Natalie ( my son's Ryan's girlfriend ) and my son Ryan My sons Brendan and… more
Interest rates have stabilized a bit over the last week
share
Interest rates have stabilized a bit over the last week or so. The following are some excerpts from this week's newsletter on interest rates from HSH Associates : " While the economy is moving forward at a measured clip, there are few… more
What Closing Costs will I have when Buying my Home in the South Bay…
share
Allocation of costs associated with ownership of the home : These costs include the following: Property Taxes: Property Taxes in California are placed as a lien on a property July 1st of each year, and are for taxes for the period 7/1 through 6/30… more
Can You Explain the Real Estate Home Escrow Process to Me?
share
Escrow is the process which facilitates the transfer of title, the funding of a new mortgage, the payoff of an existing mortgage, the issuance of new title insurance, the proper payment of all fees and expenses and the proper pro rations between… more
What Closing Costs will I have when Selling my Home in the South Bay…
share
Allocation of costs associated with ownership of the home : These costs include the following: Property Taxes: Property Taxes in California are placed as a lien on a property July 1st of each year, and are for taxes for the period 7/1 through 6/30… more
How are Escrow Fees and Title Insurance Fees Calculated in Southern…
share
Escrow fees: Charged to the buyer and seller for escrow services by the escrow company. The escrow company may also charge xerox charges and other out of pocket costs which they may incur, such as courier services, etc. Base escrow fees generally… more
How Are Property Taxes calculated for the South Bay Los Angeles?
share
CALCULATION OF PROPERTY TAXES Property Taxes in the South Bay of Los Angeles County are computed by the standard 1. 0% of the property's assessed valuation (in accordance with Proposition 13, a property's assessed valuation is the original purchase… more
Rancho Palos Verdes forwards Annenberg proposal to state, federal…
share
The Rancho Palos Verdes City Council at their meeting Tuesday night decided to forward the Annenberg Foundation proposal for an animal themed education center at Lower Point Vicente to State and Federal Authorities for approval. The following are… more
Santa is Coming to Malaga Cove Plaza in Palos Verdes Estates
share
Santa Claus is coming to Malaga Cove Plaza in Palos Verdes Estates on Friday December 24th, Christmas Eve, at 6:00 pm. He will arive by driving down the hill from Coronel Plaza at 5:30 pm more