The Houston City Council approved a resolution for the Houston Housing Finance Corporation (HHFC) to issue and sell tax-exempt revenue bonds or notes, not to exceed $27,000,000.00, to finance the acquisition, rehabilitation, and equipping of Coolwood Oaks Apartments. This 168-unit residential rental development, located at 777 Coolwood Drive, Houston, Texas 77013, will be entirely reserved for tenants earning not more than 60% of the local area median income. The project involves low-income Housing Tax Credits and will be subject to long-term affordability and oversight by the Texas Department of Housing and Community Affairs. The bonds are special limited obligations of the Issuer, payable solely from project revenues, and do not pledge the City of Houston's faith, credit, or taxing power. The HHFC will own fee title to the land and equitable title to improvements, making them exempt from ad valorem taxes.