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McKinney Public Facilities Corporation adopts bylaws to split net revenue 50/50 for housing, elects officers
Summary
The McKinney Public Facilities Corporation approved a resolution adopting first amended and restated bylaws that direct 50% of net revenue to a community housing fund and 50% to the general fund. The corporation also elected new officers and approved prior minutes.
At a meeting at McKinney City Hall, the McKinney Public Facilities Corporation voted to adopt amended bylaws that direct 50% of the corporation's net revenue to a community housing fund and the remaining 50% to the city's general fund. The board also held elections for chair, vice chair and treasurer and approved minutes from its Dec. 19, 2023 meeting.
Crystal Todd, the city's affordable housing administrator, told the board the change would create “a 50 50 split on the revenue on the net revenue received by the public facilities corporation. That would be 50% into the community housing fund and then 50% remaining in the general fund,” noting budgets for both funds still come before city council for approval. Todd said the community housing fund could be used to purchase lots for infill housing or to support a community land trust, and that it could provide rental assistance in some scenarios.
Members asked about limits on the new funding stream. Todd said the community housing fund “probably is more diverse in funding than some of our federal funding because there's not as many boxes to check,” and clarified large-scale renovation projects would more commonly be financed through bonds issued by the McKinney Housing Finance Corporation rather than from this fund.
Votes at a glance - Election of chair: Patrick Cloutier nominated and approved by voice vote. (Motion moved and seconded; voice vote recorded; counts not specified.) - Election of vice chair: a board member volunteered and was approved by voice vote. (Motion moved and seconded; voice vote recorded; counts not specified.) - Election of treasurer: Ernest Lynch nominated and approved by voice vote. (Motion moved and seconded; voice vote recorded; counts not specified.) - Approval of minutes from Dec. 19, 2023: approved by voice vote. (Motion moved and seconded; voice vote recorded; counts not specified.) - Resolution approving the First Amended and Restated Bylaws of the McKinney Public Facilities Corporation: approved by voice vote. (Motion moved and seconded; voice vote recorded; counts not specified.)
The board's action creates a dedicated revenue split in the bylaws; Todd emphasized that the community housing fund would still be governed through the city's annual budget process and therefore any specific uses would require subsequent council approval. After the vote the meeting adjourned.
