Council backs resolution supporting downtown low‑income housing tax credit application after lengthy debate over location and subsidy

The City Council considered a resolution in support of a developers application for 9% low-income housing tax credits for a downtown project and approved the resolution after extended discussion by council members, staff and the project team.

Several council members voiced concerns about downtown amenities and livability. "My concern is downtown — there are no amenities. There's no grocery stores," said Councilmember (speaker identified in the record). Councilmembers and residents asked whether a planned housing needs assessment would inform location decisions; staff said the housing needs assessment and a budget amendment that would accept Corpus Christi Housing Authority funds are scheduled to return to council in coming months.

Developer David Fournier described the financial reality that drove the project's unit mix. "Our preference would have been to do all market rate units ... But it's just not financially feasible anymore," Fournier said. He explained the plan would be treated as two ownership/financing stacks (an affordable building and a market-rate building) that read as a single project externally and that parking will be provided with a condominium structure that keeps affordable units from being charged for parking under TDHCA rules.

Staff described potential subsidy discussions and the uncertainty that remains in predevelopment underwriting: the initial commitment of $3,060,000 from certain TIRZ/TIRS funding was based on an earlier market-rate concept and numbers remain preliminary. Councilmembers asked staff to work with the developer to model the number of deeper-subsidy (30% AMI) units and the additional subsidy required to increase that share.

After questions and public comment, council voted to support the resolution urging state tax-credit approval and the motion carried.

Next steps: staff and the developer will continue to refine subsidy requests, parking plans and the relationship of the proposed project to the forthcoming housing needs assessment; any request for city subsidy will return to council for specific approval.