Title
Consider/Discuss Affordable Housing Development Initiatives
Summary
COUNCIL GOAL: Goal #1B: Provide a Strong Economy by Implementing a Global Housing Strategy with a Focus on Affordable Housing and Facilitating a Balance Between Industrial, Commercial, Residential and Open Space
MEETING DATE: May 21, 2024
DEPARTMENT: Housing and Community Development Department
CONTACT: Cristel Todd, Interim Housing and Community Development Director
ITEM SUMMARY:
• MHFC Community Land Trust designation by the local governing body of the municipality for purposes of providing affordable housing for low- income and moderate-income residents in the community.
• Review the city-funded gap voucher program guidelines for McKinney’s most vulnerable populations.
• 2025 MHFC RFQ for Co-development issue in Summer 2024
• HOME Participating Jurisdiction (PJ) designation from HUD. HOME is the largest federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. HOME funds are awarded annually as formula grants to PJs.
BACKGROUND INFORMATION:
• City Council funded seed money for the CLT
• City Council has approved $500,000 for affordable housing opportunities.
FINANCIAL SUMMARY:
• CLT has funding for the purchase of property and homes
• Local Gap Voucher Program, funding in currently budgeted
• HOME PJ designation will provide an annual allocation to the city
BOARD OR COMMISSION RECOMMENDATION: N/A