Home > Around Greater Long Beach, Compton > GATEWAY TOWNE CENTER—COMPTON’S NEWEST—USES TAX-CREDIT MECHANISM TO NARROWLY AVOID FORECLOSURE

GATEWAY TOWNE CENTER—COMPTON’S NEWEST—USES TAX-CREDIT MECHANISM TO NARROWLY AVOID FORECLOSURE

BY ALLISON JEAN EATON / COMPTON BULLETIN

Compton’s new shopping center, the Gateway Towne Center, narrowly avoided forclosure after it was able to secure $29 million in permanent financing through a new tax-credit mechanism.

Community Development Financial Institutions Clearinghouse officials said this recent loan saved the shopping center, which would have gone into foreclosure had the permanent financing not been secured. City officials had not previously shared such information with the community. READ MORE

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