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Council approves resolution supporting Willow Lakes workforce‑housing bond plan
Summary
Port Arthur council approved a resolution supporting a housing‑authority bond financing plan that would let a nonprofit acquire and manage Willow Lakes Apartments as a workforce‑housing project; presenters said the bond structure places repayment responsibility with the nonprofit, not the city or housing authority.
The Port Arthur City Council on Dec. 16 approved PR 24669, a resolution supporting a plan of finance for the Port Arthur Housing Authority to issue bonds for the acquisition of Willow Lakes Apartments.
Celine Shushani of Post Real Estate Group and Steve Bolden, bond counsel, told the council the structure uses 501(c)(3) bond financing to enable a nonprofit borrower (Foothill Affordable Housing Foundation) to acquire and operate the property. "A majority of the units…
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