HomeMy WebLinkAbout034014 ORD - 09/08/2026Ordinance authorizing the First Amendment to the Affordable Housing
Project Loan Agreement between the Corpus Christi B Corporation
and Corpus Christi Huntwick Avenue LP, commonly known as Palo
Verde Senior Apartments, increasing the incentive amount by
$1,000,000.00, totaling $2,000,000.00 for the development of 75
affordable senior rental housing units located at 5501 Huntwick
Avenue, and appropriating $1,000,000.00 from the Type B Affordable
Housing Fund in FY 2026.
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 Texas Legislature has authorized affordable housing expenditures
for Type B Corporation projects under the Texas Local Government Code, Section
505.153;
WHEREAS, the Board has determined that it is in the best interest of the residents
of the City that up to $2,000,000.00 from the Corpus Christi B Corporation Economic
Development Fund be reserved for a 75-unit senior affordable housing development. With
all seventy-five units affordable to senior households at or below 60% of area median
income;
WHEREAS, the Affordable Housing Project aligns with the City's economic
development goals by fostering commitment to building and maintaining affordable
housing for low to mixed -income senior residents in the community.
Be it ordained by the City Council of the City of Corpus Christi, Texas:
Section 1. Funds in the amount of $2,000,000.00 are appropriated from Type B
Fund for the 75-unit multi -family, senior affordable housing development, Palo Verde
Senior Apartments Project between the Corpus Christi B Corporation and Huntwick
Avenue, LP.
Section 2. The City Council approves the use of up to $2,000,100.00 from the
Corpus Christi B Corporation Economic Development Fund for the Palo Verde Senior
Housing project between the Corpus Christi B Corporation and Huntwick Avenue, LP.
Section 3. The City Council appropriates an additional $1,000,000.00
from the Type B Affordable Housing Fund in FY 2026, for a total $2,000,000.00 for
project.
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034014
Introduced and voted on the 1St day of-kekti1')-Y , 2026.
PASSED and APPROVED on the (31-1h day ofr, 2026.
Paulette Guajardo, . or
ATTEST:
R
Rebecca Huerta, City Secretary
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034014
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:
Legistar Number: 26-1323
Agenda Item:
Ordinance Authorizing the First Amendment to the Affordable Housing Project Loan
Agreement between the Corpus Christi B Corporation and Corpus Christi Huntwick Avenue
LP, commonly known as Palo Verde Senior Apartments, increasing the incentive amount by
$1,000,000.00, totaling $2,000,000.00 for the development of 75 affordable senior rental
housing units located at 5501 Huntwick Avenue and appropriating $1,000,000.00 from the
Type B Affordable Housing Fund in FY 2026.
Amount Required: (Amount to be Certified) $ 1,000,000
Fund Name
Accounting Unit
Account No.
Activity No.
Amount
Type B Housing Fund
1147-15000-57
53000e
$1,000,000
Total
$1,000,000
\t
El Certification Not Required
y_c_r
s�� Vw —
Directdr'of the Finance & Procurement
Date: ' 2 6