Title
Consider/Discuss/Act on Proposed FY2026-2027 McKinney Housing Finance Corporation (MHFC) Budget
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:
* Discuss and act on the Proposed FY 2026-2027 McKinney Housing Finance Corporation (MHFC) Budget.
ITEM SUMMARY:
* Review and adjust the specific project allocations under the $540,000 under the Professional/Contracted Services budget as needed to align with current strategic goals. Possible changes to consider may include:
o To Be Determined (TBD) Land Purchase: discuss whether the $300,000 placeholder for the TBD land purchase is sufficient, or if funds should be increased or reallocated to/from this line item.
o Homebuyer Assistance (HBA) Grant Program: discuss changes to the HBA program, currently budgeted at $125,000 (supporting 25 homes at $5,000 each), including adjusting the per-home grant amount or the total number of projected recipients.
o Mortgage Credit Certificate (MCC) Program: discuss the $25,000 allocation for the MCC program (supporting 25 homes) to reallocate to another line item. The MCC program is currently being funded through local funds.
o To Be Determined (TBD) Projects: discuss the $60,000 allocated for TBD projects that serve as a flexible reserve; the Board may suggest allocating a portion of these funds to specific active initiatives or transferring them to other line items.
BACKGROUND INFORMATION:
* Texas Local Government Code, Chapter 394, grants Housing Finance Corporations the general power to "issue notes, bonds, and other obligations".
* Upfront Issuance/Origination Fees: Paid at the closing of the transaction. This...
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