Title
Consider/Discuss/Act on Appointment of Three (3) McKinney Housing Finance Corporation (MHFC) Subcommittee Members to Develop a Request for Qualifications (RFQ) For Future Affordable Housing Development Utilizing Public Private Partnership with the MHFC
Summary
ITEM SUMMARY:
• Appointment of three board members to the MHFC RFQ Subcommittee
• The subcommittee will develop a Request for Qualifications (RFQ) for future affordable housing development
• Utilize a Public Private Partnership model with the MHFC for these affordable housing initiatives
• Estimated Timeline:
o August 9, 2024:
§ MHFC appoints 3 board members to the RFQ subcommittee.
§ Subcommittee begins creating the RFQ.
o September 13, 2024:
§ MHFC approves the RFQ and refers it to the City Council.
o September 17, 2024:
§ The City Council reviews and approves the RFQ for release.
§ The City Council appoints a Councilmember to the selection committee.
o September 21, 2024:
§ First public notice of the RFQ is published.
o September 28, 2024:
§ Second public notice of the RFQ is published.
o October 11, 2024:
§ Deadline for RFQ submissions.
o October 14-18, 2024:
§ Review of RFQ submissions.
o October 21-25, 2024:
§ Interviews and selection process.
o November 8, 2024:
§ MHFC approves the selected co-development partner.
BACKGROUND INFORMATION:
• Section 394.001 of the Texas Local Government Code allows Housing Finance
Corporations to partner with private developers in the creation of affordable or mixed-income developments.
• MHFC has two Co Development Partnerships:
o The Independence - 204 units
o Palladium - 172 units