Title
Consider/Discuss/Act on a Resolution Approving the Third Amended Bylaws for the McKinney Housing Finance Corporation
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
5E: Develop Sustainable Quality of Life Improvements in the City of McKinney
MEETING DATE: August 4, 2020
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Janay Tieken, Housing Community Development Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approve as recommended
ITEM SUMMARY:
• Third Amended Bylaws for the McKinney Housing Finance Corporation
o Section 3.05 Powers & Duties of the Treasurer
o Financial support will no longer be provided by the City Finance Department
o A clear separation from the City and the MHFC needed to protect the City from liability
• MHFC now has four LLCs due to Co-Development Partnership
o Specialized accounting firm and reporting requirements outside the scope of the City Finance Department
BACKGROUND INFORMATION:
• Second Amended Bylaws were approved October 1, 2013
FINANCIAL SUMMARY:
• N/A
BOARD OR COMMISSION RECOMMENDATION:
• McKinney Housing Finance Corporation approved the Third Amended Bylaws at the July 10, 2020 regular board meeting