McKinney explores public-private partnership for affordable housing
The McKinney City Council authorized a draft request for qualifications (RFQ) on May 17 for the McKinney Housing Finance Corp. to enter a public-private partnership (P3) with a co-developer to build an affordable housing community of apartments.
McKinney affordable housing – rendering
McKinney officials are interested in partnering with an experienced real estate developer to secure land in four Census tracts that comprise most of the city west of U.S. Highway 75 to co-develop affordable multifamily housing units.
The developer will be expected to identify a tax credit syndicator with competitive terms and develop a construction strategy and implementation schedule.
According to the draft RFQ, the selected developer will oversee design, construction, and quality control of the development, as well as procure the construction contractor and select third-party contractors including design professionals.
In 1980, the city established the housing authority to finance new affordable housing within McKinney for residents of the city. It has recently enjoyed success with the P3 model for affordable housing with a new community opening as a result of a city solicitation in 2018.