Title
Conduct a Public Hearing to Consider/Discuss/Act on a Resolution Regarding the Application of "Kinwood Apartments" to the Texas Department of Housing and Community Affairs (TDHCA), for 4% Tax Credits for the Acquisition and Rehabilitation 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: April 21, 2020
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 Leased Housing Associates Owner 1, LLC is applying to TDHCA for 4% tax credits for the acquisition and rehabilitation of Kinwood Apartments.
* No new units will be created. The tax credits will support the rehabilitation of the existing 200 units and common areas.
* McKinney Leased Housing Associates Owner 1, LLC is requesting a Resolution of No Objection from the City Council.
BACKGROUND INFORMATION:
* Founded in 1972, Dominium (parent company of McKinney Leased Housing Associates Owner 1, LLC) is the 2nd largest affordable apartment development and management company in the nation. The company has grown from 3,000 apartments units to a company that now owns over 25,000 apartment units.
* Dominium has developed a reputation of excellence among the industry.
* The DOMINIUM Difference begins with commitment to performance.
* The Kinwood apartment development includes 200 units and were constructed in 2002.
* The apartments are located at 3300 N McDonald, McKinney, TX.
* The MHFC previously approved an inducement resolution for the bonds this project.
.
FINANCIAL SUMMARY:
*? ?he estimated total cost of the project is approximately $40.6 million. Tax credits make up approximately $11 million, tax exempt bonds make up approximately $30 million.
* Th...
Click here for full text