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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 will be reserved for workforce housing," Shushani said, describing workforce housing as units targeted roughly at 80% of area median income (Jefferson County 80% AMI listed as $67,005.20 in the presenters' materials). Presenters emphasized that the bonds would be repaid by the nonprofit borrower and that neither the city nor the housing authority would be on the hook for repayment.
The presenters said the project would reserve the majority of units for workforce tenants rather than traditional low‑income set‑asides, that the property would receive a 100% real‑estate tax exemption under the structure, and that the financing sought is approximately $59,480,000 in bonds. Council asked about the site's location and school district; presenters said the address is 2555 95th Street near Jack Brooks Airport and that the site sits in the Nederland Independent School District.
Council members moved, seconded and passed the resolution on voice vote.
Why it matters: The financing would allow institutional capital to be used for a local workforce‑housing property while insulating the city from repayment obligations; the exemption and bond structure were described as enabling more capital to be invested in property maintenance and upgrades.
Next steps: The housing authority and the nonprofit will proceed with the bond issuance process and closing activities consistent with the financing plan supported by the council.
