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Council debates dedicating public facilities corporation revenue to affordable housing fund
Summary
City staff proposed amending McKinney Public Facilities Corporation bylaws so net lease revenue from a completed PFC project (about $420,000 annually) could be routed to an affordable housing fund or split with the general fund; council members asked staff to draft bylaw amendments and financial projections.
City staff presented possible amendments to the McKinney Public Facilities Corporation (PFC) bylaws during the Aug. 5 City Council work session to dedicate net revenues from an existing PFC lease toward affordable housing initiatives, including the Community Land Trust (CLT).
Staff said the PFC was created under Chapter 303 of the Texas local government code and that the city’s current PFC arrangement with the developer Jefferson Verdon will produce roughly $420,000 in annual…
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