Title
Consider/Discuss/Act on a Resolution Authorizing the McKinney Housing Finance Corporation to File an Application for Reservation with the Texas Bond Review Board with Respect to Qualified Mortgage Bonds or Mortgage Credit Certificates; and Containing other Provisions Relating to the Subject Property
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, Housing and Community Development Director
RECOMMENDED BOARD ACTION:
* Approve Resolution.
ITEM SUMMARY:
* The proposed Resolution authorizes the filing of an Application for Reservation with the Texas Bond Review Board (BRB) to secure up to $6,000,000 in state volume cap allocation for single-family housing initiatives.
* The Application secures the necessary tax-exempt "volume cap" allocation required under federal and state law to issue low-interest Qualified Mortgage Bonds (QMBs) or to establish a Mortgage Credit Certificate (MCC) program to support low-to-moderate-income homebuyers in McKinney.
* Authorizes the Texas Department of Housing and Community Affairs (TDHCA) to pay the necessary application fee ($500), carryforward fees, and closing fees on behalf of the McKinney Housing Finance Corporation (MHFC).
* The MHFC's governing body will be required to approve the Assignment.
BACKGROUND INFORMATION:
* TDHCA appreciates its continued partnership with MHFC. Since inception, MHFC has assigned approximately $10,000,000 in PAB Volume Cap to TDHCA.
* As of March 31, 2026, approximately 62.13% of these funds have been utilized to provide below-market mortgage loans and Mortgage Credit Certificates to first-time homebuyers within City of McKinney. Demand for these programs has increased significantly over the past year.
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