Briefing to City Council on Low-income Housing Tax Credits for More Affordable Housing
CORPUS CHRISTI, TX – At today’s regularly scheduled City Council meeting, staff presented a briefing to City Council on Low-income Housing Tax Credits and the projects under consideration in Corpus Christi. The item was for briefing purposes only and there was no City Council action.
Applications from developers for 9% Low-income Housing Tax Credits (LIHTC) are due to the Texas Department of Housing and Community Affairs (TDHCA) on March 1, 2021. LIHTCs are administered by the Internal Revenue Service and allocated to states. They are a critical funding tool for multi-family affordable housing projects. Region 10/Urban, which includes Nueces, Aransas, San Patricio, and Victoria counties, is generally awarded one LIHTC project annually. In order to be competitive, applications need support from the City Council.
TDHCA has received two pre-applications from developers for projects in Corpus Christi. Avanti at Heritage Park, LP is a 68 or 72-unit affordable housing development located in the SEA District at the Southwest Corner of Fitzgerald Street and Chaparral Street. Palms at Blucher Park, LP is a 72-unit affordable housing development located Uptown at 209, 217, 223, 227 South Tancahua and 209 South Carancahua Street. Both projects will be presented to City Council on February 16, 2021 for Resolutions of Support.