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McKinney council backs Palladium’s 110‑unit senior housing application for 9% federal tax credits
Summary
City council voted to approve a resolution supporting Palladium USA’s application to Texas Department of Housing and Community Affairs for 9% Low‑Income Housing Tax Credits to build McKinney Ranch Senior Living, a proposed 110‑unit independent senior living community with 81 below‑market units.
The McKinney City Council voted Feb. 5 to approve a resolution of support for Palladium USA’s application to the Texas Department of Housing and Community Affairs for 9% low‑income housing tax credits for a proposed independent senior living community called McKinney Ranch Senior Living.
Margaret Lee, the city’s housing and community development director, summarized the program and the city’s review process, telling the council that the LIHTC program is “a federal program to incentivize the construction and renovation of buildings for affordable housing” and that a city resolution can provide additional points under the state Qualified Allocation Plan.
Kim Parker, Executiv…
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