Title
Consider/Discuss/Act on a Resolution Granting the Request by Merritt McGowan Manor, 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:
• Merritt Homes is a McKinney Housing Authority property that is over fifty years old.
• The new development, Merritt McGowan Manor, consists of 86 units that will be demolished and replaced with 136 new units.
• McKinney Housing Authority, through their development entity, McKinney Affordable Housing Development Corporation, will be partnering with Carleton Residential Properties on the new development. This is the same development team that reconstructed Newsome Homes.
• 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:
• On February 7, 2017 (AI 17-155), City Council passed a Resolution of Support for 9% tax credits for the construction of the property.
• 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