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 Seniors Project, and Resolving Other Matters Incident and Related 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: September 12, 2025
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Housing and Community Development Director
ITEM SUMMARY:
- Submit an application to request bond issuance of $30,000,000 for the Acquisition/New Construction of a proposed project.
- Proposed 220 units – all restricted at 60% AMI
- Multi-story, elevator-served Independent Senior Living Community
- Garden-style with two- and three-story buildings
- The buildings will feature durable and attractive materials such as masonry, stone, and high-quality siding with complementary accent finishes.
- Roofs will be constructed with architectural shingles or comparable long-life roofing material.
- Design elements will incorporate window treatments, shutters, and articulation to both enhance visual appeal and reduce the impact on neighboring backyards
- Amount of financing applied for: $30,000,000
- Total estimated cost of project: $50,000,000