Title
Consider/Discuss/Act on a Resolution Granting the Request by VDC Lake Forest 380, L.P., for a Commitment of Funding by City of McKinney, to the Texas Department of Housing and Community Affairs (TDHCA), in the Amount of $1,500
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: February 21, 2017
DEPARTMENT: Housing and Community Development
CONTACT: Janay Tieken
Housing and Community Development Manager
RECOMMENDED CITY COUNCIL ACTION: Approve Resolution
ITEM SUMMARY:
• The new development, Ovation McKinney, consists of 160 units, 144 of which will be affordable and 16 that will be market rate.
• The development is “Elderly Limitation”. The head of household or spouse must be 62 years of age or older.
• The developer is requesting Local Government Support (LGS), in the amount of $1,500 from the City of McKinney, in order to receive one (1) additional point on their 9% tax credit application.
BACKGROUND INFORMATION:
• The $1,500 in Local Government Support is conditioned upon receipt of an award of credits by the TDHCA for the development.
FINANCIAL SUMMARY:
• The developer is requesting $1,500 in Permit and Inspection Fee Waivers. Local Government Support allows the tax credit application to receive one (1) additional point on their tax credit application.
BOARD OR COMMISSION RECOMMENDATION:
• N/A