Title
Consider/Discuss/Act on a Resolution Authorizing the Use of Funds for the Local Gap Voucher Program on Behalf of the McKinney Public Facility Corporation.
Summary
COUNCIL GOAL: 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: May 21, 2024
DEPARTMENT: Department of Housing and Community Development
CONTACT: Cristel Todd, Interim Housing and Community Development Director
Kim Flom, Assistant City Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approve Resolution
ITEM SUMMARY:
• Housing and Community Development Department requests an annual allocation of $150,000 PFC funds to administer a local gap voucher program
• Anticipated Cost is $15,000 per year per household. We estimate being able to serve 10 households in year one.
BACKGROUND INFORMATION:
• Per the bylaws, funding received from MPFC projects is allocated to the general fund. The City Council has authority on how to use MPFC funding.
• The MPFC received $2,000,000 at the closing of the Jefferson Verdant project. $1,500,000 was provided as a loan for the Palladium multifamily project in June 2023. $500,000 remains and is budgeted in the Community Grants Account. The project will pay $420,000 in annual rent upon completion.
FINANCIAL SUMMARY:
• Funds are currently budgeted in account 001-9999-403-8559.
• Funds will be moved to Affordable Housing Fund 14 to administer the program.
BOARD OR COMMISSION RECOMMENDATION:
• N/A