Title
Consider and Discuss Funding Update from Carleton Development and McKinney Housing Authority on the Redevelopment of Merritt Homes, aka Merritt McGowan Manor
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: August 14, 2017
DEPARTMENT: Housing and Community Development
CONTACT: Janay Tieken, Housing and Community Development Manager
RECOMMENDED CITY COUNCIL ACTION:
• Consider/Discuss Merritt McGowan Manor Redevelopment Funding Update
ITEM SUMMARY:
• Carleton Development and McKinney Housing Authority requested a Resolution of Support from the City for the 9% tax credit application to Texas Department of Housing and Community Affairs (TDHCA) for the redevelopment of Merritt Homes.
• The Sources and Uses originally presented to City Council for the project have changed.
BACKGROUND INFORMATION:
• The McKinney Housing Authority (MHA) has submitted an application to MCDC for $500,000 for the redevelopment of Merritt Homes. This funding source was not originally included in the Sources and Uses presented to City Council for consideration of the 9% tax credit application.
• MCDC will consider the $500,000 funding request from the McKinney Housing Authority on August 24, 2017.
FINANCIAL SUMMARY:
• See attached Sources and Uses summaries.
BOARD OR COMMISSION RECOMMENDATION:
• N/A