Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2014-2015 Annual Budget to Fund One Owner Occupied Single Family Full Rehabilitation
Summary
COUNCIL GOAL: Operational Excellence
MEETING DATE: July 21, 2015
DEPARTMENT: Housing & Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
• Approve ordinance
ITEM SUMMARY:
• The Mission of the McKinney Housing Finance Corporation (MHFC) is to assist persons of low & moderate income to acquire and own decent, safe, sanitary, and affordable housing and to preserve and increase the tax base of local government.
• MHFC would like to fund an Owner Occupied Single Family Full Rehabilitation.
• Funding this rehabilitation would require a budget amendment of $21,308.00.
BACKGROUND INFORMATION:
• N/A
FINANCIAL SUMMARY:
• The McKinney Housing Finance Corporation current assets are $176,688.01.
• No impact on the general fund.
BOARD OR COMMISSION RECOMMENDATION:
• The McKinney Housing Finance Corporation approved this 2014-2015 budget amendment of $21,308.00 on July 10, 2015.