File #: 20-0654    Name: MHFC Third Amended Bylaws
Type: Resolution Status: Approved
In control: City Council Regular Meeting
On agenda: 8/4/2020 Final action: 8/4/2020
Title: Consider/Discuss/Act on a Resolution Approving the Third Amended Bylaws for the McKinney Housing Finance Corporation
Attachments: 1. Resolution, 2. MHFC Bylaw Changes Redline

Title

Consider/Discuss/Act on a Resolution Approving the Third Amended Bylaws for the McKinney Housing Finance Corporation

 

Summary

 

COUNCIL GOAL:                     Enhance the Quality of Life in McKinney

5E: Develop Sustainable Quality of Life Improvements in the City of McKinney

 

MEETING DATE:                     August 4, 2020

 

DEPARTMENT:                      Housing and Community Development

 

CONTACT:                       Cristel Todd, Affordable Housing Administrator

                     Janay Tieken, Housing Community Development Manager

 

 

RECOMMENDED CITY COUNCIL ACTION:                     

                     Approve as recommended

 

ITEM SUMMARY: 

                     Third Amended Bylaws for the McKinney Housing Finance Corporation

o                     Section 3.05 Powers & Duties of the Treasurer

o                     Financial support will no longer be provided by the City Finance Department

o                     A clear separation from the City and the MHFC needed to protect the City from liability

                     MHFC now has four LLCs due to Co-Development Partnership

o                     Specialized accounting firm and reporting requirements outside the scope of the City Finance Department

 

 

BACKGROUND INFORMATION: 

                     Second Amended Bylaws were approved October 1, 2013

 

FINANCIAL SUMMARY: 

                     N/A

 

BOARD OR COMMISSION RECOMMENDATION:

                     McKinney Housing Finance Corporation approved the Third Amended Bylaws at the July 10, 2020 regular board meeting