Chapter 3: Weathering the Storms | Red Tail Crossing: A LIHTC Odyssey to More Homes

Every journey faces obstacles. It's why innovative financial solutions and reliable partnerships matter: the path may change, but the mission remains the same.

For Red Tail Crossing's LIHTC Odyssey, the greatest challenge wasn't construction. It was history.

The site was burdened by an 80-year-old restrictive covenant that limited multifamily housing development in the area. Community Corporation of Santa Monica worked alongside advocates and policymakers to help advance California's Assembly Bill 721, legislation that removed barriers created by these restrictive covenants and opened the door to affordable housing opportunities.

The development team also faced rising construction costs and a challenging interest-rate environment.

But perseverance prevailed.

The result is a development that not only created housing but also helped establish a pathway for future affordable housing opportunities.

The restrictive covenant was the most historically significant obstacle, but it was not the only one. Read the full article to follow the development through underwriting, financing, closing and construction, then follow our page for Chapter 4 as Red Tail Crossing moves closer to its destination.