Ordinance authorizing an amended Affordable Housing Project Loan Agreement between the Corpus Christi B Corporation and Corpus Christi Huntwick Avenue LP, commonly known as Palo Verde Senior Apartments, in the amount of $1,000,000 for the development of 75 affordable senior rental housing units located at 5501 Huntwick Avenue; appropriating $1,000,000 from the Type B Affordable Housing Fund; and amending the FY 2026 Operating Budget.

The City Council is considering an ordinance to authorize an amended Affordable Housing Project Loan Agreement for the Palo Verde Senior Apartments. This agreement involves a $1,000,000 loan from the Corpus Christi B Corporation's Type B Affordable Housing Fund to Corpus Christi Huntwick Avenue LP (Danco Communities LLC). The funds are designated for the development of 75 affordable senior rental housing units located at 5501 Huntwick Avenue. The project aims to provide housing for seniors at or below 60% of the Area Median Income (AMI). This action also includes appropriating the $1,000,000 and amending the FY 2026 Operating Budget. The need for this additional funding arises from increased construction costs and decreased Low-Income Housing Tax Credit (LIHTC) equity pricing, creating a gap in the project's financing. The total development cost is approximately $23.9 million.

This ordinance will facilitate the creation of 75 new affordable senior housing units at 5501 Huntwick Avenue, providing much-needed housing options for low-income seniors in the community. The funding ensures the project can proceed despite rising costs.

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