Title
Consider/Discuss the Proposed Tax Exemption Scorecard
Summary
COUNCIL GOAL: Goal 1b: Provide a strong economy by creating a Global Housing Strategy and facilitating a balance between industrial, commercial, residential, and open space.
MEETING DATE: December 17, 2024
DEPARTMENT: Housing and Community Development
CONTACT: Kim Flom, Assistant City Manager
Margaret Li, Housing and Community Development Director
Cristel Todd, Affordable Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
* Consider/Discuss the proposed Affordable Housing Scorecard to provide a uniform metric for evaluating tax-exempt projects.
ITEM SUMMARY:
* The purpose of this work session item is to review and discuss the proposed Affordable Housing Scorecard to provide a uniform metric for evaluating tax-exempt projects.
* Property tax exemptions have been used by the McKinney Housing Authority (MHA), McKinney Housing Finance Corporation (MHFC), and McKinney Public Facility Corporation (MPFC) as a strategy to provide more affordable housing units. The city currently does not have a policy or a uniform metric for evaluating tax-exempt projects. The proposed scorecard provides a uniform metric for evaluating projects across all three granting entities to determine if they meet the city's affordable housing goals.
* The proposed scorecard was developed in collaboration with MHA and presented to the McKinney Front Porch for input.
* The proposed scorecard would be part of a two-step review process that includes an initial scorecard review to see if the minimum thresholds are met followed by a more detailed quantitative analysis of the benefits of the proposed projects.
* The proposed scorecard will provide all granting entities with a uniform metric for evaluating proposals based on the following criteria:
o Affordability
o Housing Type
o Public Benefit
o Location
o Project Type
o Annual Allotment
o Annual Tax Exemption Allotment
* The scorecard can be used to screen out pr...
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