Title
Consider/Discuss/Act on a Memorandum of Understanding (MOU) for a Potential Multifamily Partnership with NRP Holdings LLC
Summary
ITEM SUMMARY:
• MOU between the MHFC and NRP Holdings LLC
BACKGROUND INFORMATION:
• September 14, 2018 - MHFC Board approved to recommend to City Council the RFQ for Future Affordable Housing Development Utilizing Public Private Partnership with the McKinney Housing Finance Corporation
• October 2, 2018 - City Council approved the RFQ for Future Affordable Housing Development Utilizing Public Private Partnership with the McKinney Housing Finance Corporation
• October 14, 2018 - The RFQ was Issued
• November 1, 2018 - Five Developers Responded by the Deadline
• January 11, 2019 - The MHFC Board was Updated on the status of the RFQ
• January 11, 2019 - The MHFC Board Approved the Engagement Letter with Chapman and Cutler LLP to Counsel the Corporation in its Capacity as General Partner for Affordable Housing Development Partnership Project.
• January 15, 2019 - City Council was updated on the Project Status
• April 12, 2019 - No Action was taken on the MOU by the MHFC Board
• May 7, 2019 - City Council was updated on DDAs
• May 10, 2019 - The MHFC Board was updated on the City Council update on DDAs
• June 14, 2019 - The MHFC Board did not take any action on the MOU.