Title
Update on Affordable Housing Development Utilizing Public Private Partnership with the McKinney Housing Finance Corporation
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements
MEETING DATE: June 6, 2023
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Janay Tieken, Director of Housing and Community Development
RECOMMENDED CITY COUNCIL ACTION:
* N/A
ITEM SUMMARY:
* MHFC approved a Resolution authorizing negotiations with Palladium USA International, Inc., on January 4, 2023.
* On May 12, 2023, MHFC Board approved the draft Memorandum of Understanding (MOU) with Palladium USA International, Inc.
* The project will provide Class A housing for families, working professionals and seniors.
* All units will be rent restricted at 60% Area Median Income.
* The development will consist of 172 rental units including one-bedroom, two-bedroom and three-bedroom units.
* Development amenities will include resort pool with pavilion, playground and playroom, clubhouse, business center, fitness center, conference room, grills, picnic tables and yard games.
* Supportive services for residents will include community-building special events like movie nights and food trucks and other services to benefit residents.
* Total estimated cost for the project is $45,012,256.
BACKGROUND INFORMATION:
* On April 8, 2022, the MHFC approved a recommendation to City Council for a RFQ for a 2023 affordable housing, public/private partnership.
* On May 17, 2022, City Council approved the RFQ.
* The RFQ sought to identify one 4% tax credit co-development partnership and one Public Facility Corporation (PFC) partnership for FY23.
* On September 20, 2022, City Council was updated that an evaluation team determined Atlantic Pacific Communities, LLC as the most qualified firm for a 4% tax credit co-development partnership.
* Atlanti...
Click here for full text