Tucson-area apartment development preps for makeover

By Housing Finance

The preservation and rehabilitation of an apartment community in Pima County, Arizona, has taken a big step forward.

Hunt Capital Partners (HCP), in partnership with local nonprofit Family Housing Resources (FHR), announced the closing of $7.3 million in federal low-income housing tax credit equity financing for the acquisition and rehabilitation of Talavera Apartments.

The development comprises six two-story residential buildings and one single-story community building. Following renovations, Talavera Apartments will offer 96 updated units restricted to families earning up to 50% and 60% of the area median income. Twenty-five units will also benefit from a Section 8 Housing Assistance Payment (HAP) contract. 

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