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Council approves resolution allowing Lubbock Housing Finance Corp. to issue up to $22M for Ella Apartments
Summary
After a public hearing with no speakers, the council approved a resolution authorizing tax‑exempt multifamily housing revenue bonds not to exceed $22 million for rehabilitation and equipment at the Ella Apartments; staff said the bonds are standalone obligations and the city has no liability.
The Lubbock City Council approved a resolution Jan. 13 authorizing the issuance of tax‑exempt multifamily housing revenue bonds of up to $22,000,000 by the Lubbock Housing Finance Corporation for the benefit of an entity described as 1102–58th Street, Lubbock Apartments LP to acquire, rehabilitate and equip roughly 152 rental units known as the Ella Apartments.
Chief Financial Officer Jimenez said the bonds are “standalone” and the city will have no obligation on the debt nor carry it on the city’s debt portfolio; the action is an authorization for the housing finance corporation to issue the bonds. Sherry Flume attended as a representative of the Lubbock Housing Finance Corporation.
A public hearing was opened and closed with no members of the public speaking. The council then approved a resolution authorizing the bond issuance by voice vote, which staff said is required for the grant/funding process tied to the financing.
Council members noted a similar project previously came forward and did not proceed, and staff clarified this proposal is distinct from that earlier application.
