Title
Consider/Discuss/Act on a Resolution Authoring the Cameron County Housing Finance Corporation to Exercise its Powers Within the Territorial Boundaries of The City of McKinney, Texas, and Authorizing a Cooperation Agreement
Summary
ITEM SUMMARY:
• There is a need for decent, safe, sanitary, and affordable housing within the City of McKinney
• SDC Throckmorton Villas, LLC intends to acquire, construct, equip, and operate a low and moderate income multifamily residential rental development to be located at 1003 Throckmorton Street
• The Partnership has applied for a private activity bond allocation and accompanying 4% Low Income Housing Tax Credits from the Texas Department of Housing and Community Affairs (‘THDCA”)
• 100% Property Tax Exemption will be requested from the Collin County Central Appraisal District
BACKGROUND INFORMATION:
• City Council Passed a Resolution of Support Contingent on the MHFC Approval at the April 19, 2022, Council meeting
• City Council passed a 20% Resolution at the April 19, 2022, Council meeting
FINANCIAL SUMMARY:
• N/A