Title
Consider/Discuss/Act on a Resolution Authorizing the Use of Funds for the Local Gap Voucher Program on Behalf of the McKinney Public Facility Corporation
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 Resolution
ITEM SUMMARY:
* The Housing and Community Development Department requests that $350,000 in Public Facility Corporation (PFC) funds be transferred to the Affordable Housing Fund 14 to administer a local gap voucher program, known as the McKinney Voucher Program (MVP), and other affordable housing projects.
* The anticipated cost for the MVP for FY 25-26 is $150,000, with $15,000 per year per household, allowing estimated assistance of 10 households annually.
* In FY24-25, the program served 8 households.
o All households served were elderly with income at or below 50% of the Area Median Income (AMI)
* These funds will provide the required 25% match for HOME funds received from HUD.
* We would like to request the full $350,000 remaining in the Community Grant Account be allocated the MVP program or affordable housing projects.
* All expenditures from these funds will contribute to future HOME fund matching requirements
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 wi...
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