HomeMy WebLinkAbout033842 ORD - 01/27/2026Ordinance 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.
WHEREAS, the Texas Legislature in Section 501 of the Local Government Code
(Development Corporation Act of 1979) empowered local communities with the ability to
adopt an optional local sales and use tax as a means of improving the economic health
and prosperity of their citizens;
WHEREAS, residents of the City of Corpus Christi have authorized the adoption of
a sales and use tax to be administered by a Type B Corporation at the rate of one -eighth
of one percent to be imposed for 20 years;
WHEREAS, the Board has determined that it is in the best interest of the residents
of the City that up to $1,000,000 from the Corpus Christi B Corporation Affordable
Housing Fund be reserved for Corpus Christi Huntwick Avenue LP, commonly known as
Palo Verde Senior Apartments, for the development of 75 affordable senior rental housing
units located at 5501 Huntwick Avenue; and
WHEREAS, the Palo Verde Senior Apartments will bring needed affordable housing
to low-income senior households at or below 60 percent of the area median income.
Be it ordained by the City Council of the City of Corpus Christi, Texas:
Section 1. Funds in the amount of $1,000,000.00 are appropriated from Type B
Affordable Housing Fund No. 1147 for Corpus Christi Huntwick Avenue LP, commonly
known as Palo Verde Senior Apartments.
Section 2. The FY2025-26 Operating Budget adopted by Ordinance No. 033730 is
amended to increase expenditures by $1,000,000.00 for the Type B Fund 1147.
Section 3. The City Council approves the use of up to $1,000,000.00 from the
Corpus Christi B Corporation Affordable Housing Fund for Corpus Christi Huntwick
Avenue LP, commonly known as Palo Verde Senior Apartments, for the development of
75 affordable senior rental housing units located at 5501 Huntwick Avenue.
033
Introduced and voted on the 13% day of , 2026
PASSED and APPROVED on the 1 day of OVU\O\
ATTEST:
, 2026.
Paulette Guajardo, Mayo( J Rebecca Huerta, City Secretary
033842
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of the Finance & Procurement Department of the City of Corpus Christi, Texas (or his/her
duly authorized representative), hereby certify to the City Council and other appropriate officers that the
money required for the current fiscal year's portion of the contract, agreement, obligation or
expenditure described above is in the Treasury to the credit of the Fund specified above, from which it is
to be drawn, and has not been appropriated for any other purpose. Future payments are subject to
annual appropriation by the City Council.
City Council Action Date: January 13, 2026 Legistar Number: 25-2009
Agenda Item: 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.
Amount Required:(Amount to be Certified) $1,000,000.00
Fund Name
Accounting Unit
Account No.
Activity No.
Amount
Type B Housing Fund
1147-27-15000
530000
N/A
$1,000,000
Total
$1,000,000
❑ Certification Not Required
Director the Finance & Procurement Department
Date:
1