Title
Consider/Discuss/Act on a Resolution Approving the Concerted Revitalization Plan to Assist in the Redevelopment of McKinney Housing Authority Properties
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: January 17, 2017
DEPARTMENT: Housing and Community Development
CONTACT: Janay Tieken, Housing and Community Development
RECOMMENDED CITY COUNCIL ACTION:
• Approve Resolution for Concerted Revitalization Plan (CRP) to assist in the redevelopment of McKinney Housing Authority properties.
ITEM SUMMARY:
• The Texas Department of Housing and Community Affairs (TDHCA) allows cities to designate revitalization areas, outside of “high opportunity areas”, in which developments may be eligible to receive additional points on the competitive 9% Low-Income Housing Tax Credit (LIHTC) application.
• 9% competitive LIHTC funds provide for greater investor equity into an affordable housing development (thus decreasing the need for outside funding) versus the 4% non-competitive, tax exempt bonds.
• The proposed boundaries of the CRP include Merritt Homes and other McKinney Housing Authority properties to be redeveloped.
• City Council does not have to support developments simply because they are within the boundaries of the CRP.
BACKGROUND INFORMATION:
• The LIHTC program's structure as part of the IRS tax code ensures that private investors have an interest in the success of the development during the compliance period - a minimum of fifteen years.
• City Council, with Agenda Item 16-898, on September 6, 2016, directed staff to create a Concerted Revitalization Plan for submission to TDHCA.
FINANCIAL SUMMARY:
• There is no fiscal impact to the City.
BOARD OR COMMISSION RECOMMENDATION:
• N/A