Several affordable homes for seniors could be built near the HEB Plus on Saratoga.
Danco Communities LLC plans to build the Palo Verde Senior Apartments, an 80 multi-family, senior affordable housing development on the 5500 block of Huntwick Avenue, next to HEB Plus on Saratoga Boulevard.
The complex will include 41 one-bedroom units and 39 two-bedroom units. A majority of the households will be for households at or below 60-percent of Area Median Income (AMI).
Danco Communities LLC secured a Low-income Housing Tax Credit (LIHTC) commitment of $1.94 million fro the Texas Department of Housing and Community Affairs (TDHCA) and a City of Corpus Christi HOME Investment Partnership loan of $ 1 million to build the apartments.
From the time of receiving the commitment from LIHTC and the HOME award, project costs increased and the equity pricing decreased, leaving the developer with a gap of $2.96 million.
On Tuesday, the Corpus Christi City Council will vote to amend an Affordable Housing Project Loan agreement between the Corpus Christi B Corporation and Corpus Christi Huntwick Avenue LP in the amount of $1 million to assist in filling the gap and to start the building of the affordable housing complex.
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