Title
Update on Community Land Trust
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 Department
CONTACT: Cristel Todd, Affordable Housing Administrator
ITEM SUMMARY:
* Community Land Trusts (CLT) provide an opportunity to develop affordable housing units by maintaining ownership of the land. Residents are then able to purchase the home (building only) at an affordable price and lease the land from the CLT. As a result the resident is able to generate equity on the home and if they sell are required to sell the home at a restricted price. The land is held in perpetuity by the CLT for affordable housing purposes.
* Staff is working towards the City Council Strategic Goals and evaluating options to develop property with affordable single family/townhomes for homeownership.
BACKGROUND INFORMATION:
* The MHFC is a non-profit corporation established pursuant to the Texas Housing Finance Corporations Act, Tex. Loc. Gov't Code Chapter 394, for the purpose of financing the cost of residential ownership and development for the benefit of the residents of the City of McKinney.
* On May 6, 2025, the City Council adopted the Fiscal Year 2026 Strategic Goals and Department Objectives, which included:
o Develop at least 10 single-family homes and/or townhomes through the Community Land Trust by September 30, 2026.
o Allocate $1 million to the Community Land Trust for FY26 budget to support housing for households earning at or below 60% of the Area Median Income (AMI), completing the allocation by September 30, 2026.
* On May 21, 2024, the City Council approved a resolution designating the MHFC as a CLT, pursuant to Tex. Loc. Gov't Code Chapter 373B, for the purpose of providing affordable housing for low-income and moderate-income residents in the c...
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