Title
Update on Community Land Trust
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: September 12, 2025
DEPARTMENT: Housing and Community Development Department
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Housing and Community Development Director
ITEM SUMMARY:
* This is an update to the MHFC regarding the rezone for the Community Land Trust (CLT). On August 19, 2025, the City Council approved the rezone of approximately 3.622 acres of land, generally for attached single family residential uses.
BACKGROUND INFORMATION:
* CLTs provide an opportunity to develop affordable housing units by separating the cost of land from the cost of homeownership. Residents can purchase the home (building only) at an affordable price and lease the land from the CLT. As a result, the resident can generate equity on the home; and if they sell are required to sell the home at a restricted price. The land is held by the CLT, in perpetuity, for affordable housing purposes.
* Staff is working towards the City Council Strategic Goals and evaluating options to develop property with affordable single family/townhomes for homeownership.
* The MHFC is a non-profit corporation established pursuant to the Texas Housing Finance Corporations Act, Tex. Loc. Gov't Code Chapter 394, for the purpose of financing the cost of residential ownership and development for the benefit of the residents of the City of McKinney.
* On August 19, 2025, the City Council approved the rezone of approximately 3.622 acres of land, generally for attached single family residential uses.
* On July 22, 2025, the Planning and Zoning Commission voted 7-0-0 to recommend approval to the City Council for the request to generally rezone the property for attached single family residential uses.
* On May 6, 2025, the City Council adopted ...
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