Title
Consider/Discuss/Act on a Resolution to Adopt an Affordable Housing Scorecard
Summary
COUNCIL GOAL: Goal 1b: Provide a strong economy by creating a Global Housing Strategy and facilitating a balance between industrial, commercial, residential, and open space.
MEETING DATE: February 18, 2025
DEPARTMENT: Housing and Community Development
CONTACT: Kim Flom, Assistant City Manager
Margaret Li, Housing and Community Development Director
Cristel Todd, Affordable Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
* Approve the Resolution to adopt the Affordable Housing Scorecard to provide a uniform metric for evaluating proposed tax-exempt rental projects.
ITEM SUMMARY:
* Property tax exemptions have been used by the McKinney Housing Authority (MHA), McKinney Housing Finance Corporation (MHFC), and McKinney Public Facility Corporation (MPFC) as a strategy to provide more affordable housing units for the City's residents. The City currently does not have a policy or a uniform metric for evaluating tax-exempt rental projects. The attached Affordable Housing Scorecard ("Scorecard") provides a uniform metric for evaluating rental projects across all three granting entities to determine if they meet the City's affordable housing goals.
* The proposed Scorecard was developed in collaboration with MHA and presented to the MCDC McKinney Front Porch group for input.
* The purpose of the Scorecard is to provide a uniform metric for evaluating tax-exempt rental projects based on the following criteria:
o Amount of Affordable Units
o Affordability Level
o Housing Type
o Rent Saving to Tax Exemption Ratio
o Granting Entity Benefit (One-Time)
o Granting Entity Benefit (Reoccurring)
o Location
o Project Type
* The scorecard provides an initial screening of rental projects seeking tax-exemptions and is not intended to provide a comprehensive analysis of the proposed tax-exempt rental project for approval. The proposed scorecard would be part of a two-step revie...
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