Title
Consider/Discuss/Act on a Resolution in Support of Habitat for Humanity of Collin County’s Affordable Housing Program Grant Application through the Federal Home Loan Bank for Homebuyer Down Payment Assistance for the Cotton Groves Development
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1B: Provide a strong city economy by creating a Global Housing Strategy and facilitating a balance between industrial, commercial, residential, and open space.)
MEETING DATE: April 16, 2024
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Interim Director of Housing and Community Development
Kim Flom, Assistant City Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approve Resolution
ITEM SUMMARY:
• Habitat for Humanity of Collin County supports families throughout McKinney and Collin County to achieve the dream of homeownership.
• City of McKinney and McKinney Community Development Corporation supported the development of the Cotton Groves.
• Cotton Groves when completed will provide 35 homes for McKinney residents.
• Cotton Groves has two homes currently owner occupied and four more estimated to be completed in July.
• Habitat for Humanity is applying for a competitive Affordable Housing Program grant through the Federal Home Loan Bank (FHLB) of Dallas.
• The grant request is for $435,000.00 which will provide $15,000.00 in down payment assistance to the remaining 29 homebuyers.
• A Resolution of support from the City Council will provide points to the overall score of the competitive application.
BACKGROUND INFORMATION:
• N/A
FINANCIAL SUMMARY:
• N/A
BOARD OR COMMISSION RECOMMENDATION:
• N/A