Title
Consider/Discuss/Act on a Resolution of the City Council of the City of McKinney, Texas, Supporting the Efforts of the McKinney Housing Finance Corporation to Partner with Jefferson Terry (Phase 2), LLC for the New Construction of the Development known as Torrington Terry Apartments
Summary
COUNCIL GOAL: Goal 1: Direction for Strategic and Economic Growth; Strategy 1.1: Provide a strong city economy by creating a Global Housing Strategy and facilitating a balance between industrial, commercial, residential, and open space.
MEETING DATE: September 15, 2026
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Housing and Community Development Director
RECOMMENDED CITY COUNCIL ACTION:
? Staff recommends that the City Council approve the proposed Resolution supporting the partnership between the McKinney Housing Finance Corporation (MHFC) and Jefferson Terry (Phase 2), LLC, for the Torrington Terry apartments.
ITEM SUMMARY:
The MHFC is seeking a Resolution of Support from the City Council of the City of McKinney regarding the proposed new construction of the Torrington Terry apartments located at 4404 W University Dr, McKinney, TX 75071. Partnership with the MHFC will provide the project with ad valorem tax exemption under Tex. Loc. Gov’t Code Chapter 394. The new apartment complex will include a total of 394 units, comprised of one-, two-, three- and four-bedroom units.
The development will include 100% affordable units comprised of the following levels:
Affordability Level
Number of Units
Percentage of
Total Units
70% AMI
38
10%
60% AMI
335
85%
30% AMI
21
5%
Total
394 units
100%
BACKGROUND INFORMATION:
MHFC will partner with Jefferson Terry in a public/private partnership and be the general partner. The partnership will include the provision of ad valorem property tax exemptions pursuant to Tex. Loc. Gov’t Code Chapter 394.
Jefferson Terry will be the ...
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