Hunt Capital Partners (HCP) announced the closing of $14.9 million in Federal LIHTC equity financing for the rehabilitation of Cielo Tower in El Paso, TX. Situated on 1.36 acres in El Paso’s east-central Buena Vista neighborhood, Cielo Tower is a former 123-unit public housing development, originally constructed in 1975 to provide affordable housing for individuals over the age of 62. Following renovation, this seven-story building will offer four studio units, 118 one-bedroom units and one two-bedroom unit to senior households with incomes at or below 50 and 60 percent of the Area Median Income. The development sits alongside the city’s public transportation route and will also include 40 off-street parking spaces, including 32 standard spaces, six accessible spaces and two accessible van spaces. A project-based Section 8 Housing Assistance Payments contract will be in place for 79 of the units, and the remaining 44 public-housing units will receive rental assistance through a Mixed-Finance Amendment to the Consolidated Annual Contributions Contract signed by the housing authority.