Costa Mariposa Apartments officially open | Biz Buzz / Buzz Blog
Apartment department: Officials with ceremonial scissors gathered Monday to cut the ribbon at the 252- unit Costa Mariposa apartment complex in Texas City. The ceremony marked the official opening of the 7555 Medical Center Drive complex developed by San Antonio-based The NRP Group. The complex is the first affordable multifamily development completed in the county since Hurricane Ike struck two years ago. Because it targets low- and moderate- income people Costa Mariposa was awarded post- Ike stimulus funds from the Tax Credit Assistance Program administered by the Texas Department of Housing & Community Affairs . The department issued $14 million in tax exempt bonds in addition to $8.5 million in tax credits to the developers. The department also awarded the project $3 million from a federal program designed to expand the supply of decent affordable housing for moderate- to low- income families and individuals. Costa Mariposa received another $2.5 million from the T...