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HomeMy WebLinkAbout030422 RES - 02/17/2015 Resolution of the City Council of the City of Corpus Christi, Texas in support of the proposed affordable housing project known as Callicoatte Cove Homes to be developed by Callicoatte Cove, Ltd. Whereas, Callicoatte Cove, Ltd. (the "Applicant") has proposed a development project to construct 105 single family rental homes to provide affordable housing that is located at the 3900 block of Callicoatte Rd., Corpus Christi, Texas 78410 and named Callicoatte Cove Homes ("Callicoatte Cove Homes Project"); and Whereas, the Applicant intends to submit an application to the Texas Department of Housing and Community Affairs ("TDHCA") for 2015 Housing Tax Credits for the Callicoatte Cove Homes 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 2015 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 pre-applied for HOME funding for the Callicoatte Cove Homes Project in the amount of$300,000 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 2015 Consolidated Annual Action Plan ("CAAP") to support the Applicant's Callicoatte Cove Homes Project contingent upon an award of 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 Callicoatte Cove Homes 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 Callicoate Cove Homes 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 2015 CAAP. 030422 INDEXED r 1)4_PASSED AND APPROVED this 11 day of , 2015 at a Regular Meeting of the City Council of the City of Corpus Christi, Texas E T: 4.1Ax CITY QF CORPUS CHRISTI ebecca Huerta Nelda Martinez City Secretary Mayor Corpus Christi, Texas 421 �1 of 4 , 2015 The above resolution was passed by the following vote: Nelda Martinez Rudy Garza, Jr. Chad Magill Colleen McIntyre .,11 Lillian Riojas aho0141 Brian Rosas / Lucy Rubio a ' I Mark Scott / � Carolyn Vaughn 030422