Title
Consider/Discuss/Act on a Resolution of the McKinney Housing Finance Corporation Regarding the Submission of Application(s) 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 Tuscany at Wilson Creek Apartments Project, and Resolving Other Matters Incident and Related Thereto
Summary
MEETING DATE: October 11, 2024
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
ITEM SUMMARY:
• Request for bond issuance of $40,000,000 for the Acquisition/Rehabilitation of an existing apartment complex (Tuscany at Wilson Creek) in McKinney that is more than 20 years old.
o Currently 215 units - 54 market rate and 161 are 60% AMI
o Unit upgrades: Appliance package, countertops, cabinet reface, lighting, HVAC, interior FF&E, fully accessible units, energy star lighting, flooring, carpet, paint, door hardware, bathroom accessories
o Building: Exterior finish repairs, community building upgrades, full paint, foundation work, window sash/screen replacement
o Site: Accessibility upgrades, improved landscaping, fencing repairs.
o Costs are estimated to be around $65,000 per door. $13.9 million
o Amount of financing applied for: $40,000,000
o Total estimated cost of project: $67,999,123