Title
Conduct a Public Hearing to Consider/Discuss/Act on a Request for a Resolution for 9% Tax Credits by VDC Lake Forest 380, L.P., to the Texas Department of Housing and Community Affairs (TDHCA) for the Senior, Multifamily Development to be Located at the NEQ of W. University and N. Lake Forest Drive
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 one of the Resolutions
ITEM SUMMARY:
• VDC Lake Forest 380, L.P. is developing Ovation McKinney, a 160 unit, elderly, multifamily development.
• The development consists of 144 affordable units and 16 market rate units.
• The developer is requesting a Resolution of Support from the City in order to increase the chances of the development receiving funding from TDHCA.
BACKGROUND INFORMATION:
• The development is limited to seniors, 62 years of age or older, either head of household or their spouse.
FINANCIAL SUMMARY:
• VDC Lake Forest 380, L.P., McKinney Senior Community, L.P., is requesting $1,500 in City support in order to maximize points on their 9% tax credit application to TDHCA.
BOARD OR COMMISSION RECOMMENDATION: N/A