Title
Conduct a Public Hearing to Consider/Discuss/Act on a Resolution of the City Council of the City of McKinney, Texas, Regarding the Application of Palladium USA International, Inc., to the Texas Department of Housing and Community Affairs, for a 9% Housing Tax Credit to Construct a New Housing Development to be Known as "McKinney Ranch Senior Living"
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1B: Provide a strong city economy by implementing a Global Housing Strategy with a focus on affordable housing and facilitating a balance between industrial, commercial, residential, and open space)
MEETING DATE: February 7, 2025
DEPARTMENT: Housing and Community Development
CONTACT: Margaret Li, Housing and Community Development Director
Cristel Todd, Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
* Approve one of the following resolutions:
o Resolution of Opposition
o Resolution of No Objection
o Resolution of Support
ITEM SUMMARY:
* Palladium USA International, Inc. (Palladium USA) will be applying to the Texas Department of Housing and Community Affairs (TDHCA) for a 9% tax credit to construct a new housing development to be known as McKinney Ranch Senior Living (the Project).
* Palladium USA is requesting a Resolution of Support from the City Council to satisfy one criterion of the TDHCA's 2025 Qualified Allocation Plan and increase the chances of the Project receiving funding from the TDHCA.
* Approval of a Resolution of Support or No Objection does not guarantee that TDHCA will award tax credits to the Project. If tax credits are not awarded, the Project will not move forward.
BACKGROUND INFORMATION:
* On December 1, 2024, the 2025 Qualified Allocation Plan (QAP) was approved by the Texas Governor's Office. According to the QAP, applications for the 9% tax credit will receive the following points for the following City Council Resolutions:
o Resolution of Support - 17 points
o Resolution of No Objection - 14 po...
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