Navigation Pointe Set for Corpus Christi
Continuously seeking markets where affordable housing is needed most, Merced 
Housing Texas is developing its newest complex, Navigation Pointe Apartments in Corpus Christi, Texas. The complex, designed by Chiles Architects, Inc., will be located at 909 S. Navigation Blvd. and will consist of 124 units.
“Corpus Christi is in desperate need of affordable multi- family housing,” said Merced Housing Texas Board member Sister Carol Ann Jokerst, CCVI and resident of Corpus Christi. “A lot of our housing is substandard.” Galaxy Builders, Ltd., contractor for Navigation Pointe Apartments began construction of Navigation Pointe in November, 2006. The development is scheduled to be complete in December 2007.
According to Gregory L. Thorse of GMAT Development- Navigation Ltd., Development Company for Navigation Pointe, the complex will provide new housing stock in an area of Corpus Christi that has received little new construction. Ninety percent of all units are reserved for individuals and families whose incomes fall at or below 60 percent of the Area Median Family Income, which is $28,920 for a family of four in Corpus Christi. Ten percent of the units at Navigation Pointe Apartments are reserved for individuals and families at or below 30 percent of the Area Median Family Income, which is $14,450 for a family of four in Corpus Christi.
Merced Housing Texas President, Susan R. Sheeran believes that affordable rents allow families to focus on what is really important, like education and mental and physical health instead of just struggling to pay for housing. “People who work the hardest seem to have the hardest time making ends meet,” Sheeran said. “Merced is striving to help families in Corpus Christi live in a healthy environment.”
In keeping with Merced Housing Texas’ mission to provide quality service-enriched housing, upon completion, a Resident Services coordinator will be hired to provide activities, programs and social services for residents at the property. Navigation Pointe Apartments will include a fully equipped clubhouse, a laundry room, an exercise facility, a furnished learning center, classroom and social service office, a computer room, a swimming pool, a play recreation and picnic area and perimeter fencing with controlled gates. “It is my belief that everyone thrives when they live in an environment that is clean, pleasant and close to other services,” said Sheeran. “I’m happy that we can have a second property in Corpus Christi.”
Financing for Navigation Pointe Apartments includes a 221 (d)(4) FHA insured construction/permanent mortgage issued through KeyBank Real Estate Capital Markets, Inc., Low Income Tax Credit Allocation from the Texas Department of Housing and Community Affairs (TDHCA), purchased by MMA Navigation Pointe, LLC and a HOME Loan from the City of Corpus Christi. Merced Housing Texas is the sole member of Merced- Navigation, L.L.C., the general partner of the owner.
Susan R. Sheeran
President, Merced Housing Texas
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