Title
Consider/Discuss/Act on a Resolution of the McKinney Housing Finance Corporation Authorizing the issuance of the “McKinney Housing Finance Corporation Multifamily Housing Revenue Bonds (Skyway Villas), Series 2026,” approving a Trust Indenture, a Loan Agreement, a Regulatory Agreement, a Bond Purchase Agreement, and an Official Statement; and authorizing the execution of documents and instruments necessary or convenient to carry out the issuance of the bonds, including the adoption of a resolution pertaining thereto.
Summary
COUNCIL GOAL: Goal#1. 1: Provide a Strong Economy by Creating a Global Housing Strategy and Facilitating a Balance Between Industrial, Commercial, Residential, and Open Space.
MEETING DATE: July 24, 2026
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Housing and Community Development Director
RECOMMENDED BOARD ACTION:
• Approve Resolution
ITEM SUMMARY:
• Approval of a resolution authorizing the issuance, sale, and delivery of McKinney Housing Finance Corporation (MHFC) Multifamily Housing Revenue Bonds (Skyway Villas), Series 2026.
• Proceeds from the Bonds will fund the acquisition, rehabilitation, and equipping of Skyway Villas, an existing affordable multifamily residential development located in McKinney, Collin County, Texas.
• The issuance of the Bonds in one or more series and in the aggregate maximum principal amount of not to exceed $52,000,000.
BACKGROUND INFORMATION:
• On April 21, 2026, the City Council approved a Resolution of Support for the proposed acquisition and rehabilitation of the existing affordable housing development known as Skyway Villas.
• On September 12, 2025, the MHFC board approved the submission of an application for allocation of Private Activity Bonds for the Skyway Villas Project in an aggregate amount not to exceed $52,000,000.
• Skyway Villas is an existing affordable housing project that originally received Low Income Housing Tax Credits (LIHTC) in 2003. The existing compliance period concluded in 2018, this new application will successfully preserve and extend the property’s affordability restrictions for an additional thirty (30) years.
FINANCIAL SUMMARY:
• Assuming a par amount of $46,000,000 (application includes a not to exceed amount of $52,000,000) at closing MHFC will receive an Issuance Fee at Closing (50bps): $230,000
• Ongoing Annual Fee at Closing (12.5bps for 2 yrs): $115,000
o Additional ongoing annual fee after the first 2-years based on the remaining amount owed on the loan