$30.8 million affordable housing project to receive $3 million investment from city

CORPUS CHRISTI, TX — At today’s regular city council meeting, Mayor Paulette Guajardo and the city council approved $3 million for ALMA in Greenwood, a 152-unit affordable housing development. The new apartments will be built on 10.55 acres on the corner of Greenwood Drive and Gollihar Road. The apartments will serve families whose income is equal to or less than 60% of the median income of the region. For a family of four, that’s $41,458 in annual income.

Funding for the total project cost of $30.8 million includes:

  • $3,000,000 from the city’s U.S. Federal Department of Housing and Urban Development allocation and other city-related sources
  • $15,985,000 in private activity bonds issued by Corpus Christi Housing Finance Corporation (CCHFC)
  • A mortgage insured by the U.S. Department of Housing and Urban Development
  • $9,607,293 in equity from the 4% low-income housing tax credit
  • $1,986,065 in deferred developer fees
  • $225,000 in material contributions from the general contractor

The CCHFC will act as a general partner and will hold an equity interest in the project.

The Corpus Christi Business and Job Development Corporation and 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 must review the application for the 4% low-income housing tax credits. A decision will be made in July.

For media inquiries, contact Public Information Officer Robert Gonzales at 361-826-3233 or [email protected]

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