Title
Consider/Discuss/Act on a Resolution of the McKinney Housing Finance Corporation Authorizing the Submission of Applications for Allocation of Private Activity Bonds to the Texas Bond Review Board and Declaration of Expectation to Reimburse Expenditures with Proceeds of Future Debt for the Torrington Terry Apartments Project
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: October 9, 2026
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Director of Housing and Community Development
RECOMMENDED BOARD ACTION:
Staff recommends that the McKinney Housing Finance Corporation (MHFC) Board approve the proposed Resolution authorizing the submission of applications for allocation of private activity bonds for the Torrington Terry Apartments.
ITEM SUMMARY:
The proposed Resolution authorizes the submission of the Allocation or Carryforward of Private Activity Bonds applications for Program Year 2027 or 2028 to the Texas Bond Review Board for the acquisition, construction, and equipping of a qualified residential rental development located at 4025 W University Dr, McKinney, TX 75071 (known as the Torrington Terry Apartments).
The tax-exempt bonds are not to exceed a principal amount of $80,000,000.
Proceeds will be loaned to Torrington Terry, LP or an affiliate of JPI Affordable Development, LLC.
The Resolution declares the Corporation’s official intent to reimburse the borrower for capital expenditures from bond proceeds, as required by Treas. Reg. § 1.150-2; and ensure the borrower’s ability to use tax-exempt financing for project-related costs incurred prior to bond issuance
The development will include the development of 394 units with 100% of the units being offered at the following affordable rates:
Afford...
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