Title
Conduct a Public Hearing to Consider/Discuss/Act on a Resolution of the City Council of the City of McKinney, Texas, Regarding the Application of Skyway Villas (TX) Owner LP, to the Texas Department of Housing and Community Affairs, for a 4% Housing Tax Credit for the Acquisition and Rehabilitation of an Existing Housing Development Known as "Skyway Villas Apartments"
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth (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: July 21, 2026
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Housing and Community Development Director
RECOMMENDED CITY COUNCIL ACTION:
* Approve Resolution.
ITEM SUMMARY:
* The proposed Project Site is located at 2000 Skyline Drive, McKinney, TX, 75071; and includes the acquisition and rehabilitation of 232 affordable housing units. The apartment complex includes a mix of two and three-bedroom units and will be 100% affordable:
o 60% AMI: 220 Units (95% of the total units)
o 30% AMI: 12 units (5% of the total units)
* The McKinney Housing Finance Corporation (MHFC) will parter with Skyway Villas (TX) Owner LP in a public/private partnership; be the general parter; and provide the project with ad valorem tax exemption under Tex. Loc. Gov't Code Chapter 394.
* Skyway Villas (TX) Owner LP will be the special limited partner, providing equity and securing financing; including approximately $22 million in capital improvements to rehabilitate the property.
BACKGROUND INFORMATION:
* On April 21, 2026, the City Council approved a resolution of support for the proposed acquisition and rehabilitation of the existing affordable housing development.
* September 12, 2025, the MHFC board approved the submission of application for allocation for ...
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