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City council to review financing for new affordable multifamily apartments

Posted at 7:17 PM, Jan 23, 2022
and last updated 2022-01-23 20:18:53-05

CORPUS CHRISTI, Texas — More affordable housing could be popping up in Corpus Christi. City council is discussing a plan for multifamily apartments to go in on Greenwood Drive near Gollihar Road.

It’s an affordable housing complex with 152 planned multifamily units of one, two and three bedroom apartments.

“I’m glad to see there’s some development in that area," said City Couniclman Roland Barrera. "I think it’d be a great, it’d be a great opportunity for small business to expand. Now you’ve got more individuals out there. There’s more buying power.”

The project falls into Councilman Barrera’s District 3. He said because salaries haven’t kept up with the cost of living, more affordable housing is needed

“Salaries or rates of pay have not increased as well the costs that’s increased," said Barrera. "With regard to the pandemic, supply chain issues, those things that have been happening where people have been under employed. So, we need to make sure that those individuals that are making a lower income will have that opportunity to get into a nice new apartment."

Residents in the area are split on if new multifamily apartments are good for the neighborhood. We spoke to several people who didn’t want to go on camera. but shared varying sentiments. Some said they would like to see something in the vacant lot, one person said they didn't want to see it because it would lower their property value. And some just said they didn't care either way.

This week city council will hear from the Corpus Christi Housing Finance Corporation. They are asking council to approve a resolution that will allow revenue bonds to pay for the project.

“They’re applying for funds from the state and what have you," Barrera said. "We just have to basically authorize that. The city is not taking on any of the liability, it doesn’t affect our bond rating. It’s just part of the application, they get a 4 percent tax credit through this program and they are the ones in essence guaranteeing the bonds.”

Barrera said there is no set time frame but if the resolution is approved the project will take a step further.

The special board meeting will take place at city council on Tuesday after the lunch recess.

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