Title
Consider/Discuss/Act on a Resolution Appointing Two City Council Members to Serve on a Subcommittee of the McKinney Housing Finance Corporation (MHFC)
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
5F: Maximize Partnerships between the City of McKinney and Private Industry
MEETING DATE: September 17, 2024
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Director of Housing and Community Development
RECOMMENDED CITY COUNCIL ACTION:
* Approve Resolution
ITEM SUMMARY:
* City Council directed staff to create a competitive process for developers interested in forming public/private partnerships with the McKinney Housing Finance Corporation (MHFC) for affordable housing development.
* A six (6) member subcommittee composed of three (3) members of the McKinney Housing Finance Corporation (MHFC), two (2) City Council members and the Facilities Construction Manager or designated representative of the City Manager will evaluate proposals.
BACKGROUND INFORMATION:
* Chapter 394 of the Texas Local Government Code enables Housing Finance Corporations to provide a means to finance the cost of residential ownership and development that will provide decent, safe, and sanitary housing at affordable prices for residents of local governments.
* Section 394011 of the Texas Local Government Code allows Housing Finance Corporations to partner with private developers in the creation of affordable or mixed-income developments.
FINANCIAL SUMMARY:
* As a co-developer of affordable housing, the McKinney Housing Finance Corporation will recognize financial gain from the transaction as a percentage of developer fee and cash flow from the development. These amounts will be negotiated by McKinney Housing Finance Corporation partnership counsel.
BOARD OR COMMISSION RECOMMENDATION:
* The McKinney Housing Finance Corporation met on August 9, 2024 and appointed three (3) members to t...
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