Texas Department of Housing and Community Affairs Governing Board Agenda Packet April 2026
Citi Bank provides first-lien loan for Palo Verde project
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Description
Palo Verde Senior Apartments’ financing structure includes a $5.7 million first-lien permanent mortgage from Citi Bank on 40-year amortization at 5.75% interest. The revised loan terms improve project feasibility and help maintain strong debt coverage for the HTC development.
Contract Details
Contract Amount
$5,700,000 permanent loan
Vendor
CITI BANK
Agency
Texas Department of Housing and Community Affairs, TX
Contract Type
FINANCIAL_SERVICES
Document Date
April 9, 2026
Contract Term
40-year amortization, 15-year term, 5.75% interest
Renewal Info
Loan reflects updated underwriting assumptions replacing earlier 6%/35-year terms; no renewal options discussed in the memorandum.
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APPROVEDIssuing Agency
Texas Department of Housing and Community Affairs
State Housing Authority
Austin, TX
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