HomeMy WebLinkAbout030102 RES - 02/18/2014Resolution of the City Council of the City of Corpus Christi, Texas in support of
the proposed affordable housing project known as Riverstone Apartments to be
developed by GCM Housing CC, Ltd.
Whereas, GCM Housing CC, Ltd. (the "Applicant ") has proposed a
development project to construct 60 apartments to provide affordable housing to be
located at the intersection of Airline Rd. and Wall St., Corpus Christi, Texas 78414 and
named Riverstone Apartments ( "Riverstone Apartment Project "); and
Whereas, the Applicant intends to submit an application to the Texas
Department of Housing and Community Affairs ( "TDHCA ") for 2014 Housing Tax
Credits for the Riverstone Apartment Project; and
Whereas, the City of Corpus Christi will provide its assistance under the HOME
Program utilizing loan terms that meet the requirements of the TDHCA 2014 Qualified
Allocation Plan, Section 11.9 (d)(2) in order to ensure the maximum possible score by
the applicant under TDHCA's rules;
Whereas, the Applicant has applied for HOME funding for the Riverstone
Apartment Project in the amount of $900,000 from the City of Corpus Christi; and
Whereas, the City of Corpus Christi intends to commit set aside HOME Funds
from the City of Corpus Christi FY 2014 Consolidated Annual Action Plan ( "CAAP ") to
support the Applicant's Riverstone Apartment Project contingent upon an award of Low
Income Housing Tax Credits from the TDHCA to Applicant and subject to available
funds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS:
Section 1. The City Council for the City of Corpus Christi hereby supports the
proposed Riverstone Apartment Project.
Section 2. The City Council for the City of Corpus Christi hereby acknowledges
the support for the allocation of Housing Tax Credits for the Riverstone Apartment
Project. Funding from the City of Corpus Christi for this proposed project will be subject
to award of Housing Tax Credits to Applicant and receipt of available HOME funds to be
approved by U.S. Department of Housing and Urban Development through the City of
Corpus Christi FY 2014 CAAP.
030102
INDEXED
PASSED AND APPROVED this day of
Meeting of the City Council of the City of Corpus Christi, Texas.
Rebecca Huerta
City Secretary
Corpus Christi, Texas
.f)-±1-)of e}tgiatA
a/ 2014
, 2014 at a Regular
RPUS CHRISTI
Nelda Martinez
Mayor
The above resolution was passed by the following vote:
Nelda Martinez
Kelley Allen
Rudy Garza
Priscilla Leal
David Loeb
Chad Magill
Colleen McIntyre
Lillian Riojas
Mark Scott
030102