Council Approves Funding for Construction of Affordable Housing Complex
Senior Housing Rental Units to be Built in the Central Area of the City
CORPUS CHRISTI, TX – At today’s regularly scheduled City Council meeting, Mayor Paulette Guajardo and the 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.”
For more information, media representatives can contact Gabriela Morrow, Senior Public Information Officer, at 361-826-3583 or email GabrielaM@cctexas.com.