GALVESTON — The Galveston Housing Authority’s board of commissioners approved a group of resolutions Thursday that clear the way for the financing of the island’s two mixed-income housing developments.
Commissioners unanimously approved resolutions that amended agreements and approved loans that will allow the developments to receive up to $78 million for construction and associated costs. The sources of the money include disaster recovery funds managed by the Texas General Land Office and insurance proceeds controlled by the housing authority.
Irwin M. “Buddy” Herz Jr., chairman of the housing commission, said the resolutions were the authority’s final votes of approval on mixed-income housing developments on the sites of the former Cedar Terrace and Magnolia Homes apartments. The developments are now officially known as The Cedars at Carver Park and the Villas on The Strand.
The financial agreements are expected to be finalized by Aug. 14.