The Acquisition Continues

In November, Gossips reported on the situation with Crosswinds, which at that point was coming to the end of its 15-year period of compliance for the tax credits used to finance the construction of the development: "The Hydra in Our Midst." 

Today, Gossips learned that the legal battle surrounding the sale of the apartment complex has been settled, and ownership will be transferred to Galvan Housing Resources. Tenants received this memo informing them of the change of ownership. 

The memo assures tenants that "the Low-Income Housing [Tax] Credit Regulatory Agreement governing the property and its rent restrictions will remain in full force and effect notwithstanding the change of ownership." Gossips has learned from a reliable source that the rents for all tenants at Crosswinds was recently increased. An internet search revealed that, under the Low-Income Housing Tax Credit (LIHTC) program, rents can increase annually by 5 percent or two times the percentage change in the national median income, whichever is higher.

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