Title
Conduct a Public Hearing to Consider/Discuss/Act on a Resolution of the City Council of the City of McKinney, Texas, Regarding the Application of the "McKinney Flats" to the Texas Department of Housing and Community Affairs (TDHCA), for 4% Tax Credits for the Construction of Multi-Family Units Within the Development
Summary
COUNCIL GOAL: Enhance the Quality of Life McKinney
(5F: Maximize partnerships between the City of McKinney and private industry)
MEETING DATE: December 17, 2019
DEPARTMENT: Housing & Community Development Department
CONTACT: Janay Tieken, Housing and Community Development
Cristel Todd, Affordable Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
* Approve one of the Resolutions
ITEM SUMMARY:
* McKinney Flats Ltd is applying to TDHCA for 4% tax credits for the construction of McKinney Flats.
* McKinney Flats Ltd is requesting a Resolution of No Objection from the City Council.
BACKGROUND INFORMATION:
* NRP is a national multifamily developer, general contractor and property manager founded in 1995. The have developed over 28,000 units in 15 states, and manage over 20,000 residential units.
* More than 300 years of collective executive team experience, and over 700+ employees nationwide.
* Annual building revenue of over $300 Million. Closed over $5 Billion in Real Estate, $3 Billion since 2009.
* The proposed affordable development consists of 206 units.
* Development site is located at Collin McKinney Pkwy and Test Dr., McKinney, TX.
* December 3, 2019, City Council approved the zoning for the project.
* November 18, 2019, HUD publishes map of 2020 DDAs/QCTs.
* October 31, 2019, 2020 Bond Lottery results released.
* October 22, 2019, Planning & Zoning unanimously approved the zoning for the project.
* October 16, 2019, application to the Texas Bond Review Board submitted for the 2020 Bond lottery.
* October 7, 2019, Plan revisions submitted.
* September 25, 2019, HUD publishes list of zip codes/census trac...
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