Title
Consider/Discuss/Act on a Resolution of the McKinney Housing Finance Corporation Regarding the Submission of Application(s) for Allocation of Private Activity Bonds to the Texas Bond Review Board and Declaration of Expectation to Reimburse Expenditures with Proceeds of Future Debt for the Forest View Senior Living Apartments Project
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: October 9, 2026
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Housing and Community Development Director
RECOMMENDED BOARD ACTION:
• Staff recommends that the McKinney Housing Finance Corporation (MHFC) Board approve the proposed Resolution authorizing the submission of applications for allocation of private activity bonds for the Forest View Senior Living Apartments.
ITEM SUMMARY:
• The proposed Resolution authorizes the submission of the Allocation or Carryforward of Private Activity Bonds applications for Program Year 2027 or 2028 to the Texas Bond Review Board for the acquisition, construction, and equipping of a qualified residential rental development located near the northeast corner of Lake Forest Drive and U.S. Highway 380 (University Drive), McKinney, Texas 75071, as depicted as Lot 4R2, Block A, B&L Cox Addition (known as the Forest View Senior Living Apartments).
• Application to request bond issuance of $55,000,000 for the Acquisition/New Construction of the proposed project. The total estimated cost of the project is $60,084,155
o Proposed 220 units - all units will be provided at an affordable rate at 60% AMI
o Multi-story, elevator-served independent senior living community
o Garden-style with two- and three-story buildings
o The buildings will feature durable and attractive materials such as masonry, stone, and high-quality siding with complementary accent finishes.
o Roofs will be constructed with architectural shingles or comparable long-life roofing material.
o Design elements will incorporate window treatments, shutters, and articulation to both enhance visual appeal and reduce the impact on neighboring backyards
BACKGROUND INFORMATION:
• On September 15, 2025, the MHFC approved a Resolution authorizing the submission of applications for allocation of private activity bonds for the Forest View Senior Living Apartments.
• On January 30, 2026, the MHFC was notified that Forest View Senior Living Apartments project was in line for its full requested allocation.
• On February 2, 2026, the application for volume allocation was officially withdrawn. The developer learned they had to rezone the property, and it would not allow for a closing to happen within the required 180 days.
FINANCIAL SUMMARY:
• Bond issuance will not to exceed $55,000,000.
• There are no costs to the MHFC, the developer will pay all application fees.
• The proposed project has not been presented to the MHFC as a partnership deal at this time.