Title
Update on Request for Qualifications for Future Affordable Housing Development Utilizing Public Private Partnership with the McKinney Housing Finance Corporation
Summary
ITEM SUMMARY:
* The City issued a request for qualifications 22-35RFQ seeking an experienced real estate developer (the "Co-Developer") to maximize the resources available for affordable housing purposes within the City of McKinney. This Request for
Qualifications (RFQ) was intended to identify one 4% tax credit co-development partnership and one Public Facility Corporation (PFC) partnership.
* The RFQ was issued on June 5, 2022.
o Advertised in McKinney Courier Gazette
o Posted on McKinney TV
o 383 matching eBid Supplier Notifications
o Of the 383 notifications, thirty-four (34) were Historically Underutilized Businesses (HUB)
* In response to all notices published, six (6) submissions were received on June 23, 2022.
* An evaluation team comprised of City Council, City staff and MHFC board members reviewed and ranked the submissions based on the following evaluation criteria listed within the RFQ:
Evaluation Factors
Points
Development Team
15
Development Experience
15
Project Specific Experience
15
Financing Experience
15
Financing Strategy
15
Financing Structure and Share of Development Fee and Cash Flow|1010|Financial Responsibility
10
References
10
* Based on the evaluation results, the City and MHFC has determined Atlantic Pacific Communities, LLC as the most qualified firm for a 4% tax credit
co-development partnership.
BACKGROUND INFORMATION:
* City Council supported a Request for Qualifications (RFQ) process for the selection of the private developer.
* On November 12, 2021, the MHFC recommended moving forward with the RFQ process for selecting a co-developer for the FY23 funding cycle.
* On April 8, 2022, the MHFC approved a recommendation to City Council for a RFQ for future affordable housing development utilizing public/private partnerships.
* On May 17, 20...
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