Title
Consider/Discuss/Act on a Resolution of the McKinney Housing Finance Corporation, as Sole Member of McKinney Skyway Villas GP, LLC, Authorizing the Execution and Delivery of Ground Lease, Equity, Bond and Loan Documents to Carry Out the Financing, Rehabilitation and Operation of a Multifamily Housing Development Know as "Skyway Villas"
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: July 24, 2026
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Director of Housing and Community Development
RECOMMENDED BOARD ACTION:
* Approve Resolution.
ITEM SUMMARY:
* The proposed Resolution authorizes the McKinney Housing Finance Corporation (MHFC) to become the sole member of McKinney Skyway Villas GP, LLC, which serves as the General Partner (GP) for the project's ownership entity. The Resolution also appoints the following MHFC representatives as officers:
o Tyler Underwood - President
o Lisa Emry - Vice President
* The appointed officers have the authority to negotiate and execute all necessary financing documents, contracts, and instruments required to close the transaction.
* In addition, the Resolution adopts and confirms all previous actions taken by the MHFC or the GP in relation to the development and bond issuance.
* The GP ownership structure is a standard requirement for housing finance transactions. The structure allows the Project to qualify for certain tax exemptions, including the 100% property tax abatement, which is essential for maintaining the project's long-term affordability.
BACKGROUND INFORMATION:
* On April 21, 2026, the City Council approved a Resolution of Support for the proposed acquisition and rehabilitation of the existing affordable housing development known as Skyway Villas.
* On September 12, 2025, the MH...
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