Title
Consider/Discuss/Act on a Resolution of the City Council of the City of McKinney, Texas, Showing Support for the Efforts of the McKinney Housing Authority to Partner with SFA JPI Services Holdings, LLC to Construct a New Affordable Housing Development to be known as the Jefferson Terry Apartments
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth (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: December 17, 2024
DEPARTMENT: Housing and Community Development
CONTACT: Margaret Li, Housing and Community Development Director
RECOMMENDED CITY COUNCIL ACTION:
* N/A
ITEM SUMMARY:
* McKinney Housing Authority (MHA) is seeking a letter of support from the City Council of the City of McKinney regarding the proposed construction of a new affordable housing development named the Jefferson Terry Apartments:
o Located at the southeast quadrant of Highway 380 and Terry Lane
o Includes the construction of a new apartment complex with a total of 393 units, being a mixture of studio, one-, two-, and three-bedroom units. The apartment will be comprised of 50% affordable units:
* Market Rate: 196 units (50% of total units)
* 80% AMI: 177 units (45% of total units)
* 30% AMI: 20 units (5% of total units)
* MHA will partner with SFA JPI Services Holdings, LLC (JPI) in a public/private partnership. ? The MHA Board approved the public/private partnership on November 12, 2024.
* MHA will be the general partner.
* JPI will be the special limited partner, providing equity and securing financing.
* MHA anticipates ad valorem tax exemption under Tex. Loc. Gov't Code Chapter 392.
BACKGROUND INFORMATION:
* City Council approval is not required but shows the City's support for the public/private partnership to provide affordable housing as presented by the project proposal.
* The City Council ...
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