OTHERAMENDED

Texas Department of Housing and Community Affairs Governing Board Meeting Agenda Packet April 2026

Palo Verde Senior Apartments HTC Application Amended

$1,948,110 annual federal tax creditsTexas Department of Housing and Community AffairsCORPUS CHRISTI HUNTWICK AVENUE LPApril 4, 2026

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Description

The TDHCA Board approved a material amendment to the Palo Verde Senior Apartments 9% HTC application for Corpus Christi Huntwick Avenue LP, keeping the $1,948,110 annual credit allocation while permitting an increase from 75 to 80 units and a reconfiguration of rentable and common areas. Updated underwriting reflects higher construction costs offset by increased debt from Citi Bank and the City of Corpus Christi.

Contract Details

Contract Amount

$1,948,110 annual federal tax credits

Vendor

CORPUS CHRISTI HUNTWICK AVENUE LP

Agency

Texas Department of Housing and Community Affairs, TX

Contract Type

OTHER

Document Date

April 4, 2026

Contract Term

Initial 15-year Housing Tax Credit compliance period plus extended use period per LURA; credits based on 2025 9% HTC award

Renewal Info

Amendment modifies development design, unit count, and financial structure while maintaining the original annual tax credit allocation; development remains subject to standard HTC compliance and extended use requirements.

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