Hunt Capital Partners announced that it and developer D.L. Horn and Associates have closed on more than $8.5 million in federal Low Income Housing Tax Credit equity financing for the acquisition and rehabilitation of 163 units of affordable multifamily housing in Palm Desert.
The company said the Hovley Gardens project consists of 16 two-story walk-up residential buildings and one community building in the northern part of Palm Desert, Riverside County, Calif. Of the 163 units, 72 are two-bedroom units, 72 are three-bedroom units, 18 are four-bedroom units, and there is one three-bedroom manager’s unit. Eighteen of the units will be restricted to households earning up to 30% of area median income (AMI), 55 units will be restricted to households earning up to 45% of AMI, 82 units will be for households earning up to 50% of AMI, and seven units will be for households earning up to 60% of AMI.
