City Partnership will Help Bring 152 Affordable Apartment Units to Corpus Christi
City of Corpus Christi
CORPUS CHRISTI (News Release) – Corpus Christi City Council approved $3 million for ALMA at Greenwood, a 152-unit affordable housing development. The new apartments will be built on 10.55 acres at the corner of Greenwood Drive and Gollihar Road. The apartments will serve families with incomes at or below 60 percent of the area median income. For a family of four, that’s $41,458 in annual earnings.
Financing for the project’s $30.8 million total cost includes:
$3,000,000 from the City’s Federal U.S. Department of Housing and Urban Development allocation and other City-related sources
$15,985,000 in private activity bonds issued by the Corpus Christi Housing Finance Corporation (CCHFC)
A U.S. Department of Housing and Urban Development insured mortgage
$9,607,293 in 4% Low-income Housing Tax Credit equity
$1,986,065 in deferred developer fees
$225,000 in materials contributions from the General Contractor
The CCHFC will serve as General Partner and have an ownership interest in the project.
The Corpus Christi Business and Job Development Corporation and the Corpus Christi B Corporation, which use sales tax funding to support business development and affordable housing, approved the project on April 18.
Before the project can begin, the Texas Department of Housing and Community Affairs needs to review the application for the 4% Low-income Housing Tax Credits. A decision will be made in July.
