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Housing Finance Corporation approves participation in sale of Costa Tarragona apartments, preserves 15 years of affordability
Summary
The City’s Housing Finance Corporation approved actions to facilitate the sale of Costa Tarragona 1 & 2 (346 LIHTC units) to a purchaser that will extend affordability at 60% AMI for an additional 15 years. The anticipated sale price is $17.1 million; the HFC expects modest net proceeds and continued affordability covenants.
Corpus Christi — The Corpus Christi Housing Finance Corporation voted to authorize continued HFC participation and related ground-lease amendments to enable the sale of Costa Tarragona 1 and 2, two Low‑Income Housing Tax Credit (LIHTC) properties totaling 346 units.
Jennifer Buxton, assistant director of planning and economic development, told the board the two properties are at the end of their initial tax‑credit investor period and the special limited partner triggered a sale in July 2024. The buyer is identified as…
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