Texas Department of Housing and Community Affairs Governing Board Meeting Agenda Packet April 2026
Citi Bank Expands Loan for Palo Verde Seniors
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Description
For the amended Palo Verde Senior Apartments HTC transaction, Citi Bank will provide a $5.7 million first-lien loan at 5.75 percent interest with 40-year amortization. The enhanced financing replaces the prior $4.1 million structure and helps cover increased construction costs while maintaining adequate debt coverage.
Contract Details
Contract Amount
$5,700,000 loan at 5.75% interest
Vendor
CITI BANK
Agency
Texas Department of Housing and Community Affairs, TX
Contract Type
FINANCIAL_SERVICES
Document Date
April 4, 2026
Contract Term
40-year amortization, 15-year term
Renewal Info
Amended financing terms supersede prior 6% / 35-year amortization structure; loan supports the revised HTC development budget.
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APPROVEDIssuing Agency
Texas Department of Housing and Community Affairs
State Housing Authority
Austin, TX
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