HomeMy WebLinkAbout032735 ORD - 04/26/2022Ordinance authorizing an affordable housing agreement for $160,560.00
between the Corpus Christi Business & Job Development Corporation
(Type A) and the Corpus Christi Housing Finance Corporation and
authorizing an affordable housing agreement for $1,191,871.00 between the
Corpus Christi B Corporation (Type B) and the Corpus Christi Housing
Finance Corporation for the construction of ALMA at Greenwood a 152 -unit
affordable rental Housing project for households at or below 60 percent of
the area median income located on 10.554 acres on the southeast corner of
Greenwood Drive and Gollihar Road east of West Point Road; appropriating
$160,560.00 from unreserved fund balance of the Business and Job
Development Fund and $1,191,871.00 from the unreserved fund balance of
the Type B Affordable Housing Fund; and amending the budget.
WHEREAS, on April 18, 2022, the Corpus Christi Business and Job Development
Corporation Board ("Type A Board") approved an agreement with the Corpus Christi
Housing Finance Corporation ("CCHFC") in the amount of $160,650.00 for the ALMA at
Greenwood Project;
WHEREAS, on April 18, 2022, the Corpus Christi B Corporation Board ("Type B
Board") approved an agreement with the CCHFC in the amount of $1,191,871.00 for the
ALMA at Greenwood Project; and
WHEREAS, the CCHFC will use the funding granted by the Type A Board and the
Type B Board to provide a loan to for the ALMA at Greenwood Project, which is a 152 -
unit affordable rental housing project for households at or below 60 percent of the area
median income located on 10.554 acres on the southeast corner of Greenwood Drive and
Gollihar Road;
Be it ordained by the City Council of the City of Corpus Christi, Texas:
Section 1. The City Council specifically finds that the foregoing statements
included in the preamble of this resolution are true and correct and adopts such findings
for all intents and purposes related to the authorization of this procurement.
Section 2. Funds in the amount of $160,560.00 are appropriated from the Type A
Business and Job Development Fund No. 1140 and transferred to the Housing Finance
Corporation Fund No. 9030 for costs related to the ALMA at Greenwood Project.
Section 3. Funds in the amount of $1,191,871.00 are appropriated from the Type
B Affordable Housing Fund No. 1147 and transferred to the Housing Finance Corporation
Fund No. 9030 for costs related to the ALMA at Greenwood Project.
Section 4. The FY2021-22 Operating Budget adopted by Ordinance No. 032539 is
amended to increase expenditures by $1,352,431.00.
Section 5. The Type A is authorized to enter into an affordable housing agreement
with CCHFC in the amount of $160,560.00 for the ALMA at Greenwood Project.
Section 6. The Type B is authorized to enter into an affordable housing agreement
with CCHFC in the amount of $1,191,870.00 for the ALMA at Greenwood Project.
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032735
SCANNED
That the foregoing ordinance was r ad for the first time and passed to its second
reading on this the 1(.11 day of nor"\ , 2022, by the following vote:
Paulette M. Guajardo
Roland Barrera
Gil Hernandez
Michael Hunter
Billy Lerma
John Martinez
,' Q Ben Molina
7'
0
Mike Pusley
Greg Smith
Ab
That the foregoing ordinance was read for the second time and passed finally on this
the �(th day ofyn I 2022, by the following vote:
Paulette M. Guajardo
Roland Barrera
Gil Hernandez
Michael Hunter
Billy Lerma
John Martinez
Ben Molina
Mike Pusley
Greg Smith
PASSED AND APPROVED on this the 2( day of .Agri 1 , 2022.
ATTEST:
ebecca Huerta Paulette M. Guajardo
City Secretary
032735 1
Mayor
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