Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2024-2025 Annual Budget for the Purposes of the Local Gap Voucher Program
Summary
COUNCIL GOAL: 1B: Provide a strong city 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 20, 2025
DEPARTMENT: Department of Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Housing and Community Development Director
RECOMMENDED CITY COUNCIL ACTION:
• Approve ordinance
ITEM SUMMARY:
• This Ordinance amends the Fiscal Year 2024-2025 Annual Budget in the Community Housing Fund for $350,000 for the Local Gap Voucher Program.
• The $350,000 of Public Facility Corporation funds is already budgeted in the General Fund and will be transferred to the Community Housing Fund, this is to appropriate the funding in the Community Housing Fund.
BACKGROUND INFORMATION:
• Per the bylaws, funding received from McKinney Public Facility Corporation (MPFC) projects are allocated to the General Fund. The City Council has authority on how to use MPFC funding.
• The MPFC received $2,000,000 at the closing of the Jefferson Verdant project. $1,500,000 was provided as a loan for the Palladium multifamily project in June 2023. The project will pay $420,000 in annual rent upon completion.
• $150,000 was allocated to the McKinney Voucher Program for FY24-25.
• $350,000 remains and is budgeted in the Community Grants Account.
• These funds will provide the required 25% match for HOME funds received from HUD.
• All expenditures from these funds will contribute to future HOME fund matching requirements.
FINANCIAL SUMMARY:
• This Ordinance amends the Fiscal Year 2024-2025 Annual Budget in the Community Housing Fund for $350,000 for the Local Gap Voucher Program.
• The $350,000 of Public Facility Corporation funds is already budgeted in the General Fund and will be transferred to the Community Housing Fund, this is to appropriate the funding in the Community Housing Fund.
• This is a companion item to the item authorizing the use of the Public Facility Corporation funds for the Local Gap Voucher Program.
BOARD OR COMMISSION RECOMMENDATION:
• N/A