Senior Housing Rental Units to be Built in the Central Area of Corpus Christi
City of Corpus Christi
CORPUS CHRISTI, TEXAS (News Release) – Corpus Christi City Council approved funding for $1.16 million from the Type B Corporation for the Palms at Morris Project.
These 72 affordable senior housing rental units will be located at Morris and 19th Streets, providing low-income housing for senior residents.
The Palms at Morris site is located on the former Lamar Elementary School parcel and vacant single-family lots that the Ed Rachal Foundation gifted to the City of Corpus Christi.
The $19.4 million project is primarily funded through the State’s competitive 9% Low Income Housing Tax Credit (LIHTC) allocation, with additional funds from the developer and private sources and a City of Corpus Christi Federal HOME program loan.
The Developer has secured funding commitments totaling $18,219,347, or 94% of total estimated project costs. However, due to a 6% funding gap, the Developer requests $1,160,100 of Type B affordable housing funds to construct 72 multifamily, affordable senior units. All 72 units will be one—and two-bedroom apartment units.
The Type B Corporation held a public hearing and approved the agreement during their March 17 meeting.
“City Council’s approval of this funding is a critical step toward ensuring that our senior residents have access to safe, affordable housing in the heart of our community,” said Mayor Paulette Guajardo. “This project not only provides a place to live, it affirms our commitment to dignity, independence, and quality of life for the people who helped build this city.”
