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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

Comments

Looks like it is going to be lovely!

Kel

Posted by Kelly Turbeville, PennySaverUSA.Com (PennySaver a Harte-Hanks Inc.) almost 8 years ago

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