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File #: 22-0445    Name: RFQ for Affordable Housing MHFC
Type: Agenda Item Status: Regular Agenda Item
In control: City Council Regular Meeting
On agenda: 5/17/2022 Final action:
Title: Consider/Discuss/Act on a Request for Qualifications for Future Affordable Housing Development Utilizing Public Private Partnership with the McKinney Housing Finance Corporation
Attachments: 1. Request for Qualifications
Title
Consider/Discuss/Act on a Request for Qualifications for Future Affordable Housing Development Utilizing Public Private Partnership with the McKinney Housing Finance Corporation

Summary

COUNCIL GOAL: Enhance the Quality of Life in McKinney
5F: Maximize Partnerships between the City of McKinney and Private Industry

MEETING DATE: May 17, 2022

DEPARTMENT: Housing and Community Development

CONTACT: Cristel Todd, Affordable Housing Administrator
Janay Tieken, Director of Housing and Community Development


RECOMMENDED CITY COUNCIL ACTION:

* Approve McKinney Housing Finance Corporation (MHFC) recommendation for Request for Qualifications (RFQ) for future affordable housing development utilizing partnership with McKinney Housing Finance Corporation (MHFC)


ITEM SUMMARY:

* Section 394.001 of the Texas Local Government Code allows Housing Finance Corporations to partner with private developers in the creation of affordable or mixed-income developments
* Housing Finance Corporations receive financial benefit from the partnership from the project by sharing in the project cash flow and development fee
* Project proceeds may be used to meet City of McKinney affordable housing needs

BACKGROUND INFORMATION:

* In October 2018, the City Council approved a Request for Qualifications (RFQ) for the process to select a private developer to partner in developing an affordable or mixed-income development.
* The resulting project, The Independence by NRP Holdings, LLC will celebrate a grand opening in June of 2022.
* Based on the success of the first partnership and the Council priority to further workforce and affordable housing, a second RFQ for more projects has been prepared.
* The McKinney Housing Finance Corporation (MHFC) reviewed and recommended approval of the attached RFQ at their April meeting.
* This RFQ differs from the first RFQ in two ways:
o It permits consideration for Public Facilities Corporations (PFC's).
o It is an open RFQ, with no subm...

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